…£758,052,834 to be precise.
That was the huge amount of money spent on property in Chichester in 2017, according to recently released Land Registry data, which is 17% more than was spent in 2016.
That has made 2017 a record-breaking
year in Chichester, surpassing the previous high (in 2014) of £755.6m worth of
property transactions.
This was largely bought about due to
Chichester’s record-high average sale price of £374,347, which was 5.3% higher
than in 2016 (£355,445).
It also coincided with an 11% increase
in the number of transactions in 2017 too, with 2,025 properties being sold last
year, compared to just 1,825 in 2016. Whilst you may think this increase is
impressive, it comes after a few years of declining numbers here in Chichester,
with the volume in 2016 being nearly 20% down on 2015, which was in turn 8%
lower than in 2014.
It’s good therefore to see more sales
within Chichester’s property market, even though we’re some way off matching
the sales figures seen in the early ‘noughties’, with 2000-2007 all seeing a
higher volume than there was in Chichester last year. Considering the number of
new homes built in Chichester since then, it is clear that we are far below the
number of properties you would expect a healthy Chichester property market to
see sold.
Even so, I believe the upward trend
should now continue as I am consistently seeing more properties for sale in
Chichester compared to the 12 months before. There are 359 properties currently
available, which is 20% more than a year ago, and with more new-builds underway
this number is likely to increase further in my opinion.
This increase also seems to be tempering
the ever-rising house prices in Chichester, with average sale prices now back
to where they were around a year ago. I’d predict therefore that in 12 months’
time I’ll be reporting that 2018 saw more properties changing hands, but not
for much (if any) more than the average price seen in 2017.
It seems if you’re looking to buy a
property, whether to live in or to let out, the market may be starting to flow
a little better than in the past few years. Those record-prices still remain
though, so it’ll be interesting to see whether we are at a peak in terms of
house prices in Chichester, or whether there is still room for further
increases.
To hear more from me and to keep on top
of the latest happenings in Chichester’s property market, sign up to my free
weekly e-mail update at www.tinyurl.com/ChiPropertyNews
For more tips about buying, selling, letting and renting in Chichester, please visit www.chipropertynews.co.uk
Clive Janes, CRJ Lettings.
If you are looking for an agent that is well established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.
E-mail me on clive@crjlettings.co.uk or call 01243 624 599.
Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:
c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP
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