Recently I spoke with a landlord who commented that there were a lot of flats in Chichester. Whilst it’s true that there’s an unusually high number of flats for rent in Chichester at the moment (60 flats compared to 46 houses), I wasn’t sure his statement was reflective of Chichester’s property market as a whole.
With a little research I found that central Chichester (PO19 postcode) has a very similar housing composition as the rest of the UK; with around 20% detached houses, 25% semi-detached houses, 25% terraced houses and 30% flats.
The outskirts of Chichester, however, differ from this ratio quite drastically; with just 6.8% of properties in the PO18 postcode being flats (detached houses make up the largest proportion with 42.5%) whilst in the PO20 postcode 10% of homes are flats (again detached houses dominate the area, with a 44.8% share).
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), which means one in four Cicestrians 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 the detached houses that have won out, increasing by 3.64%. This compares to a 3.56% rise in the price of semi-detached houses in the past year, a 3.4% rise in terraced 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 keep up-to-date with the latest changes in Chichester’s property market you can do so by visiting www.tinyurl.com/ChiPropertyNews to sign up to my free weekly newsletter.
For more tips about buying, selling, letting and renting in Chichester, please visit www.chipropertynews.co.uk
(This article was featured in the Chichester Observer's property section on June 14, 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 clive@crjlettings.co.uk or call 01243 624 599.
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