How much does a bedroom cost in Chichester?

Many first-time buyers will start out with a small ‘starter’ home, which is both suited to their needs and matches their modest earnings at the beginning of their careers. But as you get older there’s a tendency for extra possessions to pile up and for extra people to emerge in your life! This made me think; how much is a bedroom in Chichester and how much does it cost to climb the property ladder?

Let’s start with a one-bedroom property (typically a flat). The average price for one of these in Chichester is £200,000. As many will appreciate, the first step is often the hardest and that’s no exception when it comes to buying a property. The income and deposit you’ll require to afford even the most modest of homes in Chichester is probably the greatest barrier to getting on the property market.

Once you do though, and you hopefully rise through the ranks in your chosen career whilst growing your nest, the increase in price to afford an extra bedroom becomes a little easier at each rung of the ladder (in percentage terms).

The average two-bedroom property in Chichester will cost you £320,000 - a premium of £120,000 (60%) compared to a one-bedroom home.

The average three-bedroom property in Chichester will cost you £450,000 - a premium of £130,000 (41%) compared to a two-bedroom home.

The average four-bedroom property in Chichester will cost you £625,000 - a premium of £175,000 (39%) compared to a three-bedroom home.

Of course, this price increase isn’t just for an extra ‘bedroom’. As the number of bedrooms grow, so should the size of the other rooms throughout the house, as well as the outside space and amenities e.g. garden/garage/driveway.

It does however demonstrate that it’s the first couple of steps that are the toughest on the property ladder, which is why it’s common that government policies and incentives focus primarily on first-time buyers. Having said that, bear in mind that the need for an additional bedroom affects the ‘upsizers’ at a time when the financial strain (a new child being the most common) is often at its greatest.

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How much does a bedroom cost in Chichester?

Many first-time buyers will start out with a small ‘starter’ home, which is both suited to their needs and matches their modest earnings at the beginning of their careers. But as you get older there’s a tendency for extra possessions to pile up and for extra people to emerge in your life! This made me think; how much is a bedroom in Chichester and how much does it cost to climb the property ladder?

Let’s start with a one-bedroom property (typically a flat). The average price for one of these in Chichester is £199,950. As many will appreciate, the first step is often the hardest and that’s no exception when it comes to buying a property. The income and deposit you’ll require to afford even the most modest of homes in Chichester is probably the greatest barrier to getting on the property market.

Once you do though, and you hopefully rise through the ranks in your chosen career whilst growing your nest, the increase in price to afford an extra bedroom becomes a little easier at each rung of the ladder (in percentage terms).

The average two-bedroom property in Chichester will cost you £320,000 - a premium of £120,050 (60%) compared to a one-bedroom home.

The average three-bedroom property in Chichester will cost you £450,000 - a premium of £130,000 (41%) compared to a two-bedroom home.

The average four-bedroom property in Chichester will cost you £600,000 - a premium of £150,000 (33%) compared to a three-bedroom home. 

Of course, this price increase isn’t just for an extra ‘bedroom’. As the number of bedrooms grow, so should the size of the other rooms throughout the house, as well as the outside space and amenities e.g. garden/garage/driveway.

It does however demonstrate that it’s the first couple of steps that are the toughest on the property ladder, which is why it’s common that government policies and incentives focus primarily on first-time buyers. Having said that, bear in mind that the need for an additional bedroom effects the ‘upsizers’ at a time when the financial strain (a new child being the most common) is often at its greatest.

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How much does a bedroom cost in Chichester?

Many first-time buyers will start out with a small ‘starter’ home, which is both suited to their needs and matches their modest earnings at the beginning of their careers. But as you get older there’s a tendency for extra possessions to pile up and for extra people to emerge in your life! This made me think; how much is a bedroom in Chichester and how much does it cost to climb the property ladder?

Let’s start with a one-bedroom property (typically a flat). The average price for one of these in Chichester is £210,000. As many will appreciate, the first step is often the hardest and that’s no exception when it comes to buying a property. The income and deposit you’ll require to afford even the most modest of homes in Chichester is probably the greatest barrier to getting on the property market.

Once you do though, and you hopefully rise through the ranks in your chosen career whilst growing your nest, the increase in price to afford an extra bedroom becomes a little easier as time goes by.

The average two-bedroom property in Chichester will cost you £325,000 - a premium of £115,000 (55%) compared to a one-bedroom home.

The average three-bedroom property in Chichester will cost you £475,000 - a premium of £150,000 (46%) compared to a two-bedroom home.

The average four-bedroom property in Chichester will cost you £610,000 - a premium of £135,000 (28%) compared to a three-bedroom home.

The above shows that whilst the outright cost is relatively similar, with the jump from a two-bed to three-bed home costing the most in monetary terms, the comparative growth in percentage terms lessens with each step up the ladder.

Of course, this price increase isn’t just for an extra ‘bedroom’. As the number of bedrooms grow, so should the size of the other rooms throughout the house, as well as the outside space and amenities e.g. garden/garage/driveway.

It does however demonstrate that it’s the first couple of steps that are the toughest on the property ladder, which is why I feel it’s right that government policies and incentives focus primarily on first-time buyers. Having said that, it would be nice if they also considered that the need for an additional bedroom effects the ‘upsizers’ at a time when the financial strain (a new child being the most common) is often at its greatest.

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How much does a bedroom in Chichester cost?

Many first-time buyers will start out with a small ‘starter’ home, which is both suited to their needs and matches their modest earnings at the beginning of their careers. But as you get older there’s a tendency for extra possessions to pile up and for extra people to emerge in your life! This made me think; how much does it cost to climb the property ladder in Chichester, with each additional bedroom in the property? 

Let’s start with a one-bedroom property (typically a flat). The average price for one of these in Chichester is £200,000. As many will appreciate, the first step is often the hardest and that’s no exception when it comes to buying a property. The income and deposit you’ll require to afford even the most modest of homes in Chichester is probably the greatest barrier to getting a foot on the first rung of the property ladder.

Once you do though, and you hopefully rise through the ranks in your chosen career whilst growing your nest, the increase in price to afford an extra bedroom becomes a little easier as time goes by.

The average two-bedroom property in Chichester will cost you £300,000 - a premium of £100,000 (50%) compared to a one-bedroom home.

The average three-bedroom property in Chichester will cost you £425,000 - a premium of £125,000 (42%) compared to a two-bedroom home.

The average four-bedroom property in Chichester will cost you £545,000 - a premium of £120,000 (28%) compared to a three-bedroom home.

The average five-bedroom property in Chichester will cost you £650,000 - a premium of £105,000 (19%) compared to a four-bedroom home.

The above shows that whilst the outright cost is relatively similar, with the jump from a two-bedroom to three-bedroom home costing the most in monetary terms, the comparative growth in percentage terms lessens with each step up the property ladder.

Of course, this price increase isn’t just for an extra ‘bedroom’. As the number of bedrooms grow, so should the size of the other rooms throughout the house, as well as the outside space and amenities such as a garden, driveway and garage.

It does however demonstrate that it’s the first few steps that are the toughest on the property ladder, which is why I feel it’s right that government policies and incentives focus primarily on first-time buyers. Having said that, it would be nice if they also considered that the need for an additional bedroom affects the ‘upsizers’ at a time when the financial strain (a new child being the most common) is often at its greatest.

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This article was featured in...

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What’s the cost of a bedroom in Chichester?

 

Many first-time buyers will start out with a small ‘starter’ home, which is both suited to their needs and matches their modest earnings at the beginning of their careers. But as you get older there’s a tendency for extra possessions to pile up and for extra people to emerge in your life! This made me think; how much is a bedroom in Chichester and how much does it cost to climb the property ladder?

Let’s start with a one-bedroom property (typically a flat). The average price for one of these in Chichester is £195,000. As many will appreciate, the first step is often the hardest and that’s no exception when it comes to buying a property. The income and deposit you’ll require to afford even the most modest of homes in Chichester is probably the greatest barrier to getting on the property market.

Once you do though, and you hopefully rise through the ranks in your chosen career whilst growing your nest, the increase in price to afford an extra bedroom becomes a little easier as time goes by.

The average two-bedroom property in Chichester will cost you £299,950 - a premium of £104,950 (54%) compared to a one-bedroom home.

The average three-bedroom property in Chichester will cost you £425,000 - a premium of £125,050 (42%) compared to a two-bedroom home.

The average four-bedroom property in Chichester will cost you £535,000 - a premium of £110,000 (26%) compared to a three-bedroom home.

The average five-bedroom property in Chichester will cost you £650,000 - a premium of £115,000 (21%) compared to a four-bedroom home.

The above shows that whilst the outright cost is relatively similar, with the jump from a two-bed to three-bed home costing the most in monetary terms, the comparative growth in percentage terms lessens with each step up the ladder.

Of course, this price increase isn’t just for an extra ‘bedroom’. As the number of bedrooms grow, so should the size of the other rooms throughout the house, as well as the outside space and amenities e.g. garden/garage/driveway.

It does however demonstrate that it’s the first couple of steps that are the toughest on the property ladder, which is why I feel it’s right that government policies and incentives focus primarily on first-time buyers. Having said that, it would be nice if they also considered that the need for an additional bedroom effects the ‘upsizers’ at a time when the financial strain (a new child being the most common) is often at its greatest.

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This article was featured in...

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The cost of a bedroom in Chichester

Many first-time buyers will start out with a small ‘starter’ home, which is both suited to their needs and matches their modest earnings at the beginning of their careers. But as time goes by there’s a tendency for extra possessions to pile up and for extra people to emerge in your life! This made me think - what’s the cost of needing an extra bedroom in Chichester?

Let’s start with a one-bedroom property (normally a flat). The average price for one of these in Chichester is £195,000. As many will appreciate, the first step is often the hardest and that’s no exception when it comes to buying a property. The income and deposit you’ll require to afford even the most modest of homes in Chichester is probably the greatest barrier to getting on the property market.

Once you do though, and you hopefully rise through the ranks in your chosen career whilst growing your nest, the increase in price to afford an extra bedroom becomes a little easier as time goes by.

The average two-bedroom property in Chichester will cost you £289,950 - a premium of £94,950, or 49%, compared to a one-bedroom home.

The average three-bedroom property in Chichester will cost you £395,000 - a premium of £105,050, or 36%, compared to a two-bedroom home.

The average four-bedroom property in Chichester will cost you £537,500 - a premium of £142,500, or 36%, compared to a three-bedroom home.

The average five-bedroom property in Chichester will cost you £650,000 - a premium of £112,500, or 21%, compared to a four-bedroom home.

The above shows that whilst the outright cost grows, the comparative growth in percentage terms lessens as a property expands.

Of course, the price increase as you climb the ladder isn’t just for an extra ‘bedroom’. As the number of bedrooms grow, so will the size of the other rooms throughout the house as well as the outside space and amenities e.g. garden/garage/driveway.

It does however demonstrate that it’s the first couple of steps that are the toughest on the property ladder, which is why I feel it’s right that government policies and incentives focus primarily on first-time buyers. It would be nice though if they also considered that the need for an additional bedroom effects the ‘upsizers’ at a time when the financial strain (a new child being the most common) is often at its greatest.

(This article was featured in the Chichester Observer's property section on 18th January 2018) 

Clive Janes, CRJ Lettings.

www.crjlettings.co.uk

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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:

Follow The Buy-To-Let Property Investment Market in Chichester

Chichester Property Market LinkedIn Page for Clive Janes

CRJ Letting Agents Chichester Facebook Page

CRJ Letting Agents Chichester Twitter Page

Chichester Investment Property Management Specialist CRJ Letting Agents Website

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

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Two bed houses in Chichester are in strong demand

This article was featured in the Chichester Observer's property section on 2nd April 2015.

I was speaking to a landlord last week who wanted to expand his portfolio and wondered whether the number of bedrooms should be a significant consideration as to which property he buys.

According to Zoopla, gross rental yields in Chichester average 5.2% for a one bedroom property, 4.8% from a two bed, 4.1% for a three bed and 3.5% from a four bedroom property.

This tends to correlate with the generally accepted concept that you receive a diminishing gross rental return as the size (and cost) of a property increases.

If we factor in the ground rent and service charges that come with flats, the best net return in Chichester actually comes from two bedroom houses.

Two bed houses are very popular with a variety of tenants, being suitable for an individual, two sharers or a young couple who can grow into the house; the second bedroom evolving from spare room/office into baby’s bedroom.

At the moment, however, there are only 15 two bedroom houses available to rent in the whole of Chichester. With another 15 being ‘let agreed’, this means 50% of the two bed houses that were available have been let already.

This highlights the strength of demand from tenants for two bed houses, comparing favourably to just 9/29 (31%) of one bed flats being let agreed, 17/42 (40%) of two bed flats and 12/35 (34%) of three bed houses.

Looking at the new-build developments in Chichester, I would anticipate this lack of supply versus the strong demand for two bed houses to intensify as developers are largely focusing on three and four bedroom homes.

This is understandable as developers are able to achieve a higher sale price for these larger homes without using much additional land (or no extra land as many are doing this by adding the third bedroom as a third storey of the property).

This should mean that two bedroom houses will become an increasingly desirable property in the future due to a dwindling supply compared to the overall housing mix. This should lead to them having minimal void periods alongside strong rental and capital growth.

So if two bedroom houses are so great, which one should you buy? Well, this is where it becomes tricky as there are just 65 two bedroom houses for sale in Chichester, of which 34 (52%) have already sold. This again shows the strength in demand for two bedroom houses, this time from buyers, as the overall sold rate in Chichester stands at 42%.

If you’re thinking of investing in a new buy-to-let and would like to discuss your options, please get in touch. 

Clive Janes, CRJ Lettings

www.crjlettings.co.uk

01243 624 599 / clive@crjlettings.co.uk

___________________________________

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:

Follow The Buy-To-Let Property Investment Market in Chichester

Chichester Property Market LinkedIn Page for Clive Janes

CRJ Letting Agents Chichester Facebook Page

CRJ Letting Agents Chichester Twitter Page

Chichester Investment Property Management Specialist CRJ Letting Agents Website

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

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