£469m spent on property in Chichester in the past year

The wider Chichester district has seen 1,273 properties change hands at an average price of £368,782 over the past 12 months. That means a total of £469,459,486 has been spent on property in Chichester in the past year.

That compares to an average of £461.5m being spent in each of the past five years and an average of £430.7m a year over the last decade.

Contributing to this growth is the rising price of property in Chichester. Asking prices are up 6% compared to a year ago, whilst the average home in Chichester is said to have risen over £16,000 (4.4%) in value in the past year.

Interestingly, it is houses that are leading the way whilst the average asking prices of flats have actually dropped 4% compared to a year ago.

On the other side of the equation however, the number of properties selling in Chichester is in decline, even though the total number of homes in our district continues to increase.

There are currently 297 properties for sale in Chichester, which is 7% fewer than the 321 that were available this time last year.

This doesn’t appear to be a short-term dip either, with an average of 1,391 properties selling each year in the past decade; which is 9% more than the 1,273 sold in the past 12 months.

This suggests that people are staying longer in their current property, with many choosing to extend or improve their existing home rather than endure the costs and upheaval of moving.

And if you think it’s tough out there for buyers, spare a thought for today’s renters in Chichester; there are just 70 properties available to rent in the whole of Chichester!

This is a drop of 33% compared to the 104 properties that were available to rent this time last year. This shortage has led to a 5.6% annual rise in rents to the current average of £956pcm in Chichester.

It seems if you’re looking for a home, whether to buy or rent, things are getting tougher (and more expensive) in Chichester. Keeping on top of the latest movements in the market is one way to prepare yourself, which you can do by signing up for the weekly update on Chichester’s property market here.

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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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