The average asking price of the 360 properties currently marketed for
sale in Chichester is £351,253, according to home.co.uk. That may seem high
compared to the UK average, but it’s actually 15% lower than a year ago! Back
then the average property in Chichester was marketed for sale at £415,183.
Unfortunately there hasn’t actually been a sharp drop in the sold prices
that would help to pave the way for a new era of first-time buyers. In fact, property
prices in Chichester are up 4.5% compared to a year ago, according to the Land
Registry. Instead it is the size and type of property that is available on the
market that has changed i.e. there are more smaller and cheaper properties
currently on the market, thus lowering the average figure.
This is evident in that 49% of the properties currently for sale have
one or two bedrooms, compared to just 38% a year ago. A lot of this has been
brought about by an influx of flats, with 33% more apartments available than a
year ago.
It seems therefore that first-time buyers looking at starter homes have
more to choose from than 12 months ago. Unfortunately, it is this end of the
market that has seen the greatest increase in asking prices; the two bedroom
properties are 10% more expensive than a year ago and the one bedroom
properties are 20% more expensive!
There appears to have been a concertina effect in Chichester’s property
market, whereby property prices are increasing on the cheapest homes but
decreasing higher up the chain. I suspect this has something to do with the
various tax and stamp duty changes that have come into effect over the past few
years, which are almost exclusively aimed at helping those on the bottom rungs
of the ladder and penalising those towards the top.
Here’s a final thought on the matter though; were you pleased to see
that alarming title or somewhat shocked? Because it seems to me that when house
prices are rising (as we’ve seen during the past few years) the media says what
a travesty this is and that something needs to be done to lower them. And yet
when house prices are falling (like in 2008/09) the media says what a travesty
this is and that something needs to be done to right them!
To follow all the twists and turns of Chichester’s property market,
please sign up for my free weekly newsletter at www.tinyurl.com/chipropertynews where I track the latest house prices,
rents and yields in Chichester, as well as offering a few insights to decipher
what’s really going on.
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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