Thursday 18 August 2016

Asking prices in Chichester have risen 14% in a year!

chichester property price graph

The pre-referendum chatter of the effects of voting ‘out’ don’t seem to have been very accurate; as I type, the FTSE is at a one-year high, interest rates have been cut (they were expected to rise in the event of a vote to leave) and the housing market seems to be trotting along ok.

In fact, the housing market seems to be galloping in Chichester; with an average asking price of £408,414, which is 14% higher than a year ago (£357,629)!

This is partly down to the stock that is on the market; there’s been a 31% reduction in the number of cheaper one bedroom properties, whilst there seems to be an influx of three and four bedroom houses currently for sale (supply of these is up 33% compared to a year ago).

August tends to be a quiet month for the housing market, as people venture to West Wittering beach (or further afield) rather than looking at properties, so I was surprised to see there were currently more properties on the market than at any time in the past year.

This is a complete reversal to the rental market, whereby there are just 54 properties to rent in the whole of Chichester! That compares to 95 a year ago; a reduction in supply of 43%!

There simply isn’t enough rental property to cope with tenant demand. If you have a property available to let, you should ensure it is marketed and priced correctly to maximise your return and ensure a speedy let.

chichester observer property headline

(This article was featured in the Chichester Observer's property section on 18th August 2016)
Clive Janes, CRJ Lettings.


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