Thursday 18 January 2024

What’s for sale in Chichester?

There are 667 properties listed for sale in Chichester on Rightmove currently. 454 are still available to buy, whilst the other 213 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 336 properties to choose from.

Those looking to buy a three-bedroom home have the most choice, with 122 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 20 on offer (all of which are flats).

Of course, what you can buy will largely depend on your budget. The cheapest of the 336 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 Lennox Road, priced at £150,000. 

At the other end of the scale, the most expensive property for sale in Chichester today (and by some margin, despite having had £500,000 knocked off the price since it was listed last Summer) is a six-bedroom detached house in West Broyle Drive, priced at £2,450,000. Located West of the city, the newly-refurbished property boasts three floors of beautifully-presented accommodation with those six bedrooms complimented by seven bathrooms, a quadruple garage and a third of an acre of landscaped gardens.

Assuming your budget is somewhere in-between those two extremes, it might be useful to know that the average property marketed for sale in Chichester is priced at £400,000, which is 6.3% lower than the average figure from twelve months ago (£425,000). 

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 the one- and two-bedroom properties have fallen in the past year, whereas the average price of three- and four-bedroom homes have remained the same. 

This suggests it is the lower end of the market that has been hit with property price drops, whereas the higher end of the market has remained resilient. This is likely because inflation and rising interest / mortgage rates are having a greater impact on the lower-income households who are further down the property ladder.

Even as interest rates are forecast to drop from current levels though, those coming off previously super-cheap fixed-rates will notice a large increase in payments. This may mean more homeowners will need to sell and thus will be willing to do so at lower prices. Prospective buyers who also face higher interest rates than those buying a few years ago are seemingly entering something of a waiting game, which will, in my opinion, likely lead to a self-fulfilling prophecy in regards to an increase in supply alongside a decrease in property prices.

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