About once a year I like to look at which streets in Chichester are the most expensive by average property value. For a few years there was a great tussle at the top between North Pallant and Pine Grove, with the title swapping places back and forth on an annual basis.
But, taking the honours for a fourth year in a row now, North Pallant has seemingly cemented itself as the most expensive street in Chichester (focusing on the PO19 postcode area). The average property in North Pallant is valued at £1,017,000, which is nearly three times the average value of property throughout the PO19 area (£353,557).
For the first time since the credit crunch though, the value of the properties in North Pallant have dropped in the past year (down 8% according to Zoopla estimates!). It is also now the only street in Chichester whose average home is worth more than £1m (previously Pine Grove & Brandy Hole Lane had shared this honour too).
Nevertheless, North Pallant still retains some impressively expensive properties on its street. The most recent sale was for £1.9m in 2016, whilst the highest priced home was sold in 2014 for £2.185m (with that property estimated to be worth £2.8m today).
Pine Grove therefore has to settle again for second spot, with an average value of £962,000, closely followed by Brandy Hole Lane taking the bronze, with its average value of £938,000.
A special mention should be made for Brandy Hole Lane though, as it could be argued that it is actually the most expensive street of these top three Chichester streets. That’s because there are more properties here than the other heavy hitters, so as a whole it is actually the most valuable (there are 42 homes in Brandy Hole Lane compared to 20 in North Pallant and 32 in Pine Grove). Looking at it like this would give Brandy Hole Lane a total value of £39.4m, Pine Grove £30.8m and North Pallant £20.3m.Moving outside of the PO19 postcode area and looking at the Chichester district as a whole brings a host of new players into the running. With renowned sailing and blue flag beaches on their doorstep, it’s not surprising that many of the most expensive streets in the area are in Bosham, Itchenor and West Wittering. In fact, North Pallant doesn’t even make the top 40 now(!), finding itself some way off the overall winner, which is Spinney Lane in Itchenor. The 31 homes of Spinney Lane have an average value of £2,490,000, which means the street is worth a cool £77.2m!
In recent years there have been single house sales in Spinney Lane of £3.85m in 2017, £4.825m in 2016 and £2.25m in 2015. Back in 2012, a five-bedroom house designed by local award-winning architect Neil Holland overlooking the harbour sold for £3.825m. This house is now recorded as being the most expensive property in Spinney Lane, with a value of £5m.
To keep up to date with the ever-changing landscape and house prices of Chichester’s property market, please visit www.bit.ly/chipropertynews to subscribe to the free weekly Chichester Property News e-newsletter.
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