What is average in Chichester’s property market?

The average property price in Chichester is £367,322. This is down (I haven’t said that for a while) by 4% compared to 12 months ago (when the average property in Chichester sold for £381,106). This is still some 62% higher than the UK’s average property price of £226,798 though.

Currently on the market at this average price range in Chichester are a variety of three-bedroom houses; from new-builds on Graylingwell Park, to modern houses near the hospital or further out in Westhampnett, as well as a variety of period properties closer to the city centre.

From a rental perspective, the average rental price in Chichester is currently £995pcm, which is down 3% compared to 12 months ago (when it was £1,025pcm) but is still 28% higher than the UK’s average rental price excluding London (£775pcm) but just 6% higher when including London (£936pcm).

There’s a wide variety of properties on the rental market around this average price. There are modern two-bedroom apartments close to the city centre, period houses near the city walls, as well as some affordable three-bedroom houses on Chichester’s ex-council housing estates.

It’s interesting to note that the premium that Chichester’s renters pay is much less compared to the UK average than Chichester’s homebuyers have to. Either way though, with Chichester’s average salary being £29,867, which is only 3% more than the UK’s £29,009 average salary, it is clear that the ‘average’ resident in Chichester would struggle to afford those costlier than normal ‘average’ local properties.

In fact, with the average property price in Chichester being 12.3 times the local salary for home buyers and eating up 40% of a renter’s income, Chichester is often cited as one of the most unaffordable places to live in the country. Of course, with an increasing number of households having more than one breadwinner nowadays these headline figures aren’t necessarily reflective of the overall affordability, but it does show that it is particularly difficult for the ‘average’ person to live in Chichester.

The mainstream media may bring you plenty of national updates on the property market, but I am passionate about bringing you news and statistics about your local property market right here in Chichester. So, for updates that are relevant to you, you can subscribe to my weekly ‘Chichester Property News’ e-newsletter free of charge by visiting www.bit.ly/chipropertynews or feel free to pick up the phone and call me for a chat.

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