Thursday 7 July 2016

Chichester's housing mix

As property comes in all shapes and sizes, I thought it would be interesting to take a look at how Chichester’s property market compares locally and to the rest of the UK.

Central Chichester (PO19 postcode) has a very similar housing mix to the UK average; with around 20% detached houses, 25% semi-detached houses, 25% terraced houses and 30% flats.

I’ve said in the past though that I often look to the outskirts of Chichester for investment properties as you get more ‘bricks for your buck’.

This is evident in the PO18 postcode, where just 6.8% of the properties are flats, whilst detached houses make up the largest segment of the market (42.5%).

It’s a similar story in PO20, with just under 10% of properties being flats, as detached houses dominate the area (44.8% of homes are detached).

chichester's housing mix pie charts

As well as a higher concentration of apartments nearer Chichester’s city centre, there is also a plethora of older terraced properties (as well as an increasing number of new-build sites favouring terraced configurations) that means one in four Chichestrians now live in a terraced home.

Interestingly, when we take a look at how the price of each property type has fared in the last year, it is semi-detached houses that have won out, increasing by 7.6%. This compares to a 5% rise in the price of terraced houses in the past year, a 4.7% rise in detached houses and just a 1.4% increase in the price of flats.

It will be interesting to see how the large number of new housing schemes in Chichester decide to spread their mix of housing. Whereas there seemed to be a boom in large-scale developments of apartments throughout the UK in 2002-2007, Chichester largely ignored this fad.

Developers now seem to prefer to build houses, which are more in demand whilst commanding a higher price tag. They’ve even found a way to maximise the land they build on (one reason apartment blocks were popular) by creating large numbers of three-storey townhouses.

If you’d like to stay aware of the developments in Chichester’s property market you can do so by filling in your details in the signup boxes to the right to sign up for my free weekly update.

chichester observer property headline

(This article was featured in the Chichester Observer's property section on 7th July 2016)
Clive Janes, CRJ Lettings.


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