Thursday, 5 December 2019

How much of Chichester can you buy with £105million?

Congratulations to the Selsey couple who won an astonishing £105million on the EuroMillions. Top on the list of purchases for many lottery winners will be a new home, which got me to thinking - with £105m in their pocket, what could they buy if they wanted to remain in or around Chichester?

Chichester is of course regarded as an expensive place to live, with the most expensive parts being the surrounding areas of Bosham, Itchenor and West Wittering. Even so, the most expensive house ever sold within five miles of Chichester was ‘only’ £4.825m. This was a stunning five-bedroom detached property located in Spinney Lane in Itchenor, yet it still wouldn’t make much of a dent in the lucky couple’s winnings!

They could always buy the whole street! The properties on Spinney Lane have the highest average value of any street in the Chichester district, with each of its 31 homes being worth an average of £2,687,472. Even so, it means the jackpot winners could afford to buy them all and not have to put up with any neighbours if they wanted, at a grand cost of £83.3m.

If they’d rather go for quantity, they could always opt for the street with the most homes on it; which in Chichester is Stockbridge Road. It would take £85.1m to buy the entire street based on each property being worth an average of £251,737. That makes Stockbridge Road the most expensive street overall in the Chichester District, yet would still leave the lucky pair with just shy of £20m to cover the maintenance on the 338 properties they’d just bought!

If we look at Chichester as a whole, there are 57,664 properties in the District with an average value of £429,731. This suggests there’s a total of £24,780,008,380 worth of property, so the jackpot could be spent on buying 0.004% of the whole of Chichester’s housing stock! That equates to being able to purchase a total of 244 ‘average’ Chichester properties.

So, whilst it seems you can’t buy much of Chichester even with £105million, it’s amazing to think that the most expensive house ever sold in the District is practically loose change for the newly minted couple. There is certainly an exciting world of possibilities with such a substantial sum of money and I’m sure many of you will have dreamt about how you could have spent it.

If you’re thinking of buying up part of Chichester (albeit on a slightly smaller scale than I mentioned above) feel free to give me a call and I’ll be happy to discuss what particular property might provide you with the best returns.

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