Thursday, 26 April 2018

£758m spent on property in Chichester in 2017

…£758,052,834 to be precise.

That was the huge amount of money spent on property in Chichester in 2017, according to recently released Land Registry data, which is 17% more than was spent in 2016.

That has made 2017 a record-breaking year in Chichester, surpassing the previous high (in 2014) of £755.6m worth of property transactions.

This was largely bought about due to Chichester’s record-high average sale price of £374,347, which was 5.3% higher than in 2016 (£355,445).

It also coincided with an 11% increase in the number of transactions in 2017 too, with 2,025 properties being sold last year, compared to just 1,825 in 2016. Whilst you may think this increase is impressive, it comes after a few years of declining numbers here in Chichester, with the volume in 2016 being nearly 20% down on 2015, which was in turn 8% lower than in 2014.

It’s good therefore to see more sales within Chichester’s property market, even though we’re some way off matching the sales figures seen in the early ‘noughties’, with 2000-2007 all seeing a higher volume than there was in Chichester last year. Considering the number of new homes built in Chichester since then, it is clear that we are far below the number of properties you would expect a healthy Chichester property market to see sold.

Even so, I believe the upward trend should now continue as I am consistently seeing more properties for sale in Chichester compared to the 12 months before. There are 359 properties currently available, which is 20% more than a year ago, and with more new-builds underway this number is likely to increase further in my opinion.

This increase also seems to be tempering the ever-rising house prices in Chichester, with average sale prices now back to where they were around a year ago. I’d predict therefore that in 12 months’ time I’ll be reporting that 2018 saw more properties changing hands, but not for much (if any) more than the average price seen in 2017.

It seems if you’re looking to buy a property, whether to live in or to let out, the market may be starting to flow a little better than in the past few years. Those record-prices still remain though, so it’ll be interesting to see whether we are at a peak in terms of house prices in Chichester, or whether there is still room for further increases.

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(This article was featured in the Chichester Observer's property section on 26th April 2018) 

Clive Janes, CRJ Lettings.

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 or call 01243 624 599.

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