Expensive! That would be most people’s response when talking about the
price of property in Chichester. I like to get a little more technical than
that though, so I thought I’d delve into some recent research from Zoopla that looked
at the varying price per square foot of property around the country.
Comparing the price per square foot in such a way gives a good barometer
across different towns and cities without being influenced by the overall size
of the area’s average property.
Here in Chichester the average price per square foot of property is £356.
This in itself doesn’t give away much, but when we consider that the average
price per square foot of property throughout the UK is £211, we can see that
Chichester is 69% more expensive than the national average.
The gap between the most expensive area in the country (London’s
Kensington & Chelsea - £1,328 per square foot) and the least expensive
(Blaenau Gwent in Wales - £79 per square foot) is even more staggering though;
whole houses in Wales are literally selling for the price of a London bedroom!
It’s no surprise that prices in London have risen the most in the past
five years (up 54%), followed by the East of England (+38%) and the South-East
of England (+36%). The North-East of England saw the lowest growth in the past
five years, with average prices rising just 3%.
Closer to home we can see that Chichester is also more expensive than
its seaside neighbour Bognor Regis, where the average price of property is ‘just’
£277 per square foot. This still means Bognor Regis is more expensive than the
UK average, but it suggests you can get around a third more ‘bricks for your
buck’ in Bognor Regis than you can in Chichester.
Whilst this is all very interesting, calculating the price per square
foot can also be very useful when looking at properties for sale to assess
whether you’re getting decent value or not. Consider St. Agnes Place in Chichester,
where there are two apartments for sale in the same block. Both are similar in
specification and offer two double bedrooms, however one is priced at £365,000
and the other £340,000. The natural instinct therefore might be to plump for
the ‘cheaper’ of the two apartments, however if you factor in their sizes we
see the former is actually £381 per square foot whilst the latter is £386 per
square feet. Of course, when you consider the average flat in Chichester is
priced at £350 per square foot you may wonder whether either is the right pick!
If you’re looking at buy-to-let properties and would like someone
impartial to crunch the numbers to ensure you’re getting the best value for
money, please get in touch.
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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