Thursday 16 February 2023

What's for sale in Chichester?

There are 625 property listings currently online in Chichester. 409 are still available to buy, whilst the other 216 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 310 properties to choose from (which may appear to be low, but is actually double the number available compared to a year ago!).

Those looking to buy a three-bedroom home have the most choice, with 112 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 19 on offer (all of which are flats).

Of course, what you can buy will largely depend on your budget. The cheapest of the 310 mortgageable properties that are suitable for non-retirees, can be called your own and lived in all year round, is a two-bedroom flat in Charles Avenue, priced at £165,000. 

At the other end of the scale, the most expensive property for sale in Chichester today (and by some margin) is a five-bedroom semi-detached house in Lion Street, priced at £2,995,000. Located in the heart of the city, the Georgian property boasts three floors of beautifully-presented accommodation, as well as a landscaped walled 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 £400,000, which is a fraction down on the average figure from twelve months ago (£405,000). 

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 two, three and four-bedroom houses have all increased in the past year, whereas the price of flats (both those with one-bedroom and two-bedrooms) have fallen. The increase in the supply of properties has been fairly even across all types of properties (as opposed to a glut of one type being the culprit for the doubling in supply seen since a year ago).

It is this increased supply and additional choice for prospective buyers that is slowing down the speed of sales and the prices that properties are achieving. As the interest rate rises continue to be passed on to more mortgagees it is likely this trend will accelerate i.e. more homeowners needing to sell, with fewer able or willing to pay the previously record-high prices. Prospective buyers 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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