Thursday, 27 February 2020

What can you buy in Chichester?

Properties available in ChichesterLast week I asked whether it was a good time to sell property in Chichester. Of course, the main reason you’ll consider selling your home is because you’re thinking of moving! With that in mind, I thought I’d take a look at what’s out there at the moment in Chichester for potential buyers.

There are 625 property listings currently online in Chichester, of which 429 are still available to buy, with the other 196 sold (subject to completion). However, when you start to browse through these properties you’ll notice there are a lot of mobile homes (that can’t be used as a permanent residence), retirement flats (that are only good for people of a certain age), shared-ownership homes (that aren’t available to everyone) and properties advertised for ‘cash buyers only’ (which won’t apply to most). When you take all of these out of the mix, you’re left with just 295 properties to choose from!

Those looking to buy a three-bedroom home have the most choice, with 100 currently for sale (mostly terraced houses). Meanwhile those at the lower-end of the market looking for a one-bedroom property have the least to choose from, with just 15 on offer (mostly flats, although some one-bedroom houses do exist).

Median asking price of the four bedroom townhouse in North pallantOf course, what you can buy will largely depend on your budget. The cheapest of the 295 mortgageable properties that are suitable for non-retirees, can be called your own and lived in all year round, is a one-bedroom flat in Stockbridge Road, priced at £150,000.

On the other end of the scale, the most expensive property for sale in Chichester today is a four-bedroom townhouse in North Pallant, priced at £2.5million. Located on the most expensive street in Chichester, the Grade II listed property boasts over 5,000 square feet of living space, set over four floors.

Assuming your budget is somewhere in the middle of those two extremes, it might be interesting to know that the average property marketed for sale in Chichester is priced at £380,000. This figure is up around 9% compared to the £350,000 average of twelve months ago.

Breaking the averages down by property type provides a good indication of what your budget is likely to be able to afford in Chichester:

one-bed flat = £205,000
two-bed flat = £275,000
two-bed house = £315,000
three-bed house = £400,000
four-bed house = £550,000

Interestingly, the average price of two-bedroom properties are the only ones to have dropped compared to a year ago. They are also the only ones to have increased in the number available to buy. Meanwhile all the other sized homes have both increased in average price, whilst reducing in supply. It seems therefore that the low supply of property in Chichester is a key reason why property prices remain so resilient. This limits prospective buyers’ choices, which makes finding that dream home just a little bit trickier.

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