£936m spent on property in Chichester in 2021

…£935,975,501 to be precise.

That was the huge amount of money spent on property in Chichester in 2021, according to recently released Land Registry data. That is a massive 39% increase compared to 2020 (which itself had risen slightly on 2019 i.e. the year before the coronavirus pandemic began).

Interestingly, the large increase came from both a rise in property prices and an increase in the number of transactions. Whereas property prices have risen year-on-year for a while now, it is a reversal in fortunes when it comes to the number of sales, having previously seen six years of declining property transactions in Chichester. 

Do you remember when people were pulling out of purchases early on in the pandemic, as the media suggested house prices were set to crash? Well, those people really missed out, with property prices in Chichester ending 2021 up by 15% (on top of the 7% increase in 2020). The average price paid throughout the year also sits at a new record high (£416,415, which was an increase of 5% on the 2020 average).

One year ago, I estimated the number of transactions would rise in 2021, bucking the trend since 2014. Whilst I was correct, I’m amazed to see the figure has jumped by a more than a third compared to the 1,697 properties sold in 2020, with 2,274 properties changing hands in Chichester in 2021. That figure is very close to the 2014 level, after which the number of transactions started to fall year-on-year (2,376 properties were sold in Chichester in 2014).

If you think we’re at the peak now though, perhaps think again. Consider all the new-build properties being built in the area, alongside the fact that an average of 2,525 properties were sold in Chichester each year between 2000-2007 (the last ‘boom’ phase for property). It therefore seems clear to me that we are still below the number of transactions you would expect from an overly-frothy property market in Chichester that is about to burst.

Furthermore, there are currently 693 properties on the market in Chichester, with 385 showing as sold (subject to contract). This time last year there were 757 properties on the market, with 367 having been sold. This suggests there is a lack of stock on the market but with an ever-growing demand…which typically leads to higher prices and more sales! Could the buyers of property in Chichester be set to spend over £1 billion this year for the first time?

To find out and to keep on top of the latest happenings in Chichester’s property market, sign up to the free weekly Chichester Property News e-mail at www.bit.ly/ChiPropertyNews

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£671m spent on property in Chichester in 2020

…£671,706,430 to be precise.

That was the huge amount of money spent on property in Chichester in 2020, according to recently released Land Registry data. Considering the onset of the coronavirus pandemic and the amount of time we spent locked indoors, you may be surprised to hear that figure is actually up on 2019! That is some turnaround, especially when the trajectory for the previous two years was on a downward trend. 

This increase came solely from a rise in property prices, as the number of transactions fell. Do you remember when people were pulling out of purchases early on in the pandemic, as the media suggested house prices were set to crash? Well, those people missed out, as property prices in Chichester ended 2020 up by 7%, with the average price paid throughout the year sitting at a new record high (£395,964, which was an increase of 5% on the 2019 average).

One year ago, whilst still in lockdown, I made the fairly sure statement that as I analysed the figures this year, the number of transactions would be down. Whilst that is correct, I’m amazed to see the figure is only down 2% compared to the 1,737 properties sold in 2019 (1,697 properties were sold in Chichester in 2020). That does, however, continue the downward trend for property transactions in Chichester, which now stretches for six years (since 2014, when 2,376 properties changed hands).

Bearing in mind an average of 2,525 properties were sold in Chichester each year between 2000-2007, it is evident that the fallout from the credit crunch is still rumbling on. Considering the number of new homes built in Chichester since then too, it is clear that we are far below the number of transactions you would expect from a healthy property market in Chichester.

Today there are 757 properties on the market in Chichester, with 367 showing as sold (subject to contract). This time last year there were 630 properties on the market, with 195 having been sold. This suggests there is plenty of room for more positive figures next year, with the number of transactions increasing for the first time since 2014. Of course, when the stamp duty relief comes to an end later this year, the market could come to a grinding halt instead… 

To keep on top of the latest happenings in Chichester’s property market, sign up to the free weekly Chichester Property News e-mail at www.bit.ly/ChiPropertyNews

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£655m spent on property in Chichester in 2019

…£654,976,753 to be precise.

That was the huge amount of money spent on property in Chichester in 2019, according to recently released Land Registry data. Whilst that sounds like a lot, it’s actually around £100m less than was spent in 2018! That represents a significant drop of 13% and means the trend of declining transaction values has accelerated, having peaked at £758m in 2017.

The fall has come from both sides of the equation too; average property prices and the number of transactions are both down. It has to be said though that prices held up reasonably well, with the average sale price of £377,074 down just 2.2% compared to the record high average set in 2018 (£385,507).


Yet again though, it is the number of properties selling that is really slowing down the market. With 1,737 properties changing hands in 2019, it marked the fifth year in a row whereby sales figures were down. In 2018 there had been 1,954 transactions, meaning last year saw an 11% drop. It’s also some 27% lower than the 2,376 sold in 2014; they year that saw the most properties sold since the credit crunch.

Bearing in mind an average of 2,525 properties were sold in Chichester each year between 2000-2007, it is clearly evident the fallout from the credit crunch is still rumbling on. Considering the number of new homes built in Chichester since then too, it is clear that we are far below the number of properties you would expect a healthy property market in Chichester to have changing hands.

With Covid-19 bringing the world to a halt, it seems pretty obvious that property sales will be down this year too. By how much remains to be seen; the enforced period inside our homes may lead to an increase in movement when things open for business again. The job market will also have an effect upon housing affordability and whether people need to move for work. There could be pent-up demand ready to burst into action when people are able to act….or everyone may just hunker down until the full aftermath and repercussions are understood.

Today there are 630 properties on the market in Chichester, with 195 showing as sold (subject to contract). This time last year there were 516 properties on the market, with 162 having been sold. There may be some hope from those figures then, although bear in mind a backlog will be building in those properties showing as sold, due to surveyors and conveyancers having largely downed tools during the lockdown period.

Last year when I did this same analysis, I suggested prices would start to flatten and the market was constraining in regards to availability and volume. I still think prices could go either way with the resilience, low interest rates and potential for high inflation in the mix, but it seems pretty clear to me that volume will be down yet again when the data is released in 12 months’ time in respect to 2020.

To keep on top of the latest happenings in Chichester’s property market, sign up to the free weekly Chichester Property News e-mail at www.bit.ly/ChiPropertyNews

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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:

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Chichester Property News - Issue 42 - September 2019

Featuring the articles:

"Have property prices in Chichester fallen because of Brexit?",
"What's popular with Chichester's Tenants?",
"Is a ground floor flat a good buy?",
"Community Focus: Love Your Hospital"

and "Buy-to-let deal of the month: 2 bed flat in Tangmere, £185,000, 5.5% yield"

➕ Plus, the latest average property values, rents and yields in Chichester!