Thursday, 2 May 2019

What’s for sale in Chichester?

As we enter another bank holiday weekend, a large number of people will be spending their extra day off work browsing through the property portals looking for a new home (or just ‘window shopping’!). So, let’s take a look at the market and see what these property hunters might find for sale in Chichester.

Of course, what you can buy is largely dependent on your budget. The cheapest property in Chichester costs just £19,995 - a two-bedroom mobile home on Lakeside Holiday Park. The problem is it’s not a permanent residence. The cheapest fixed abode in Chichester, excluding retirement and shared ownership properties, will set you back £140,000. For that price you’ll get a studio apartment in the heart of Chichester, opposite Priory Park, which has been on the market since last May.

On the other end of the scale, the most expensive property for sale in Chichester today is a newly-built five-bedroom detached house on The Drive in Summersdale, offering over 4,000 square feet of space and priced at a cool £2m.

Clearly property in Chichester is expensive…some more so than others! Let’s assume your budget is somewhere in the middle of those two extremes. In fact, the median property marketed for sale in Chichester costs £340,000, which is up 3% from the £328,950 compared to 12 months ago. At that price you could choose between a variety of two and three-bedroom homes of various age, size and location in and around Chichester.

Delving a little deeper into the median price by property type provides a good indication of what your budget is likely to be able to afford in Chichester:

What’s interesting to see is how much (or how little!) choice there is for prospective property buyers in Chichester right now. There are 492 properties for sale, of which 332 are still available to buy and 160 are now sold ‘stc’ (subject to contract/completion). Compared to a year ago, the total number of properties on the market may be down, but due to a drop-off in the number being sold, there’s actually slightly more still available to buy.

Those looking for a three-bedroom house have the most choice, with 110 available to buy in Chichester. It is the smaller homes, aimed at our first-time buyers, where supply is particularly lacking. There are actually more four-bedroom houses available (62) than there are one-bedroom flats (30 available), two-bedroom flats (51 available) or two-bedroom houses (46 available).

It seems that this relatively low supply of property in Chichester is limiting prospective buyers’ choices. This is what is keeping house prices resilient, which makes finding that dream home just a little bit trickier.

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