What’s selling in Chichester

One piece of the jigsaw when looking to buy a property is to identify how long you will keep it for. I’ve bought properties in the past near busy roads, train tracks and electric pylons for their impressive yields, knowing it’s a longer-term strategy as they won’t sell as easily.

I was asked recently by a landlord (with a shorter outlook in mind) what property in Chichester would sell the easiest if we should encounter another property slump and he needed to sell? Everything will sell at the ‘right’ price, even in a slump, but I did some research and this is what I found…

Of the 521 properties in Chichester on the market for sale, 281 are still available whilst 240 of them have found buyers looking forward to receiving the keys to their new home. This means 46% of property on the market in Chichester has a buyer (compared to 45% in Bognor Regis and 39% in Midhurst & Petworth).

Delving deeper shows that, in Chichester, only 44% of flats on the market have a buyer lined up. This compares to 47% of terraced houses, 51% of detached properties and an impressive 55% of semi-detached homes that have been snapped up already.

Normally it’s the lower end of the market that sells quicker; but in a reversal of the norm, only 32% of properties in Chichester under £250,000 have sold, subject to contract. This compares to 58% of £250,000-£500,000 homes and 40% of properties priced above £500,000 (only four out of nineteen (21%) properties above £1m have sold).

Taking things a step further, you can also work out how saleable the properties in a particular street are by looking at how many sales there have been in the street versus the total number of households.

The removal vans have visited Stockbridge Road the most in the past twenty years, with 414 sales. This is unsurprising though, as it is the most populated street in Chichester, with 333 homes.

More impressive is the 101 homes of Chatsworth Road, which have changed hands 201 times in the same twenty years.

I am happy to talk to both existing and prospective landlords on what to buy for investment. I love analysing data to get the facts that can lead to the very best advice for my landlords. 

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If you are looking for an agent that is well-established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.

E-mail me on clive@crjlettings.co.uk or call 01243 624 599.

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