Thursday 17 February 2022

What’s for sale in Chichester?

There are 594 property listings currently online in Chichester. 265 are still available to buy, whilst the other 329 have been sold (subject to completion). However, when you start to browse through these properties, you 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 151 properties to choose from!

Those looking to buy a three-bedroom home have the most choice, with 53 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 9 on offer (all of which are flats).

Of course, what you can buy will largely depend on your budget. The cheapest of the 151 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 St. James Square, priced at £159,950. 

At the other end of the scale, the most expensive property for sale in Chichester today (and by some margin) is a seven-bedroom townhouse in West Pallant, priced at £3.5million. Located in the heart of the city, the Georgian property boasts three floors of beautifully-presented accommodation, as well as a south-facing garden.

Assuming your budget is somewhere in the middle of those two extremes, it might be useful to know that the average property marketed for sale in Chichester is priced at £444,995, which is a massive 19% higher than the average figure twelve months ago. 

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

Interestingly, the average price of four-bedroom houses has remained the same as one year ago, whereas all the other property types have increased. This has occurred at the same time as the number of properties available to buy has greatly decreased and yet the number of properties sold has remained the same.

It seems therefore that the low supply of property is the key reason why property prices continue their march upwards, despite the wider economic factors looking less-than-rosy. This limits prospective buyers’ choices and further adds to their fear of missing out, which ultimately makes finding that dream home even trickier.

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