Chichester Property News: most expensive property in Chichester

Showing posts with label most expensive property in Chichester. Show all posts

Thursday, 6 March 2025

What’s for rent in Chichester?

Not much!!!

Since the onset of the pandemic five years ago, the supply of rental properties in Chichester has been at record lows, whilst demand remains stubbornly strong. This has led to a hugely competitive market for wannabe tenants, whereby you can expect dozens of enquiries within 24 hours of listing a decent and well-priced property to rent. That is despite rents increasing across the board as a result of this supply and demand imbalance.

There are currently just 91 properties for rent (excluding student lets and room shares), which in a city the size of Chichester is wildly low. It is also a slight drop from the already low figure of 96 properties on the rental market a year ago.

Even more worrying is that demand has continued to outgrow supply; with only 38 properties still available to rent (42%) compared to 53 properties that have been let agreed (58%). Bear in mind that five years ago (just before Covid struck) there were 205 properties on the rental market in Chichester, of which 143 (70%) were still available.

Clearly then there’s not much choice for those seeking a property to rent, which explains why so many people are enquiring as soon as something comes to the market. Furthermore, it explains why people are willing to pay more as and when something suitable does become available. This has led to an increase in asking rents across the board, such that the current average asking rents in Chichester are:

…The average rent for a property in Chichester is currently £1,400pcm, up from £1,300pcm a year ago (an increase of 7.7%!).

The cheapest property available to rent in Chichester is a one-bedroom apartment on Chatsworth Road, which is ‘let agreed’ having been marketed for £795pcm. On the other end of the scale is a five-bedroom detached house on Old Broyle Road, which is available for £3,000pcm.

Why then has there been such a drastic decrease in the number of properties available to rent? Put simply, landlords are continuing to sell up. The stick of taxation and legislation has proven too much for some, with interest rate rises wiping out profits for those with buy-to-let mortgages.

I’ve written many times about the negative impact taxation and legislation changes are likely to have on the rental market; not only directly for landlords, but ironically for the tenants they are supposedly meant to help. This has now come to fruition as rental supply remains at such low levels that, unsurprisingly, rents are increasing as a result. That perfect storm is making it increasingly difficult for tenants to find a decent home at an affordable price.

To stay abreast of the availability and average prices of rental properties in Chichester, be sure to subscribe to my free fortnightly e-newsletter at www.bit.ly/chipropertynews.

Thursday, 20 February 2025

What’s for sale in Chichester?

There are 862 properties listed for sale in Chichester on Rightmove currently. 570 are still available to buy, whilst the other 292 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 456 properties to choose from.

Those looking to buy a three-bedroom home have the most choice, with 175 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 24 on offer (all of which are flats).

Of course, what you can buy will largely depend on your budget. The cheapest of the 456 mortgageable properties that are suitable for non-retirees, can be called your own and lived in all year round, is a one-bedroom flat above shops if The Hornet, priced at £139,000.

At the other end of the scale, the most expensive property for sale in Chichester today (despite having had £300,000 knocked off the price since it was listed last Spring) is a five-bedroom Grade II listed home in Lions Street, priced at £2,350,000. Located in the heart of the city, the property dates back to the early 1700’s and was honoured with a Chichester Heritage Award in 2016.

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 £425,000, which is 8% higher than the average figure from twelve months ago (£395,000).

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 flats and three-bed houses have declined in the past year, whereas the other property types have risen (with two-bed houses having done so most strongly).

This suggests it is primarily 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.

A lot has been said about a rush at the start of the year to purchase property before stamp duty increases in April. It is likely too late for most sales agreed now to get through conveyancing in time to beat the hike, so it fits that more supply is coming to and sticking on the market. It will be interesting to see whether prices are affected going forward, especially if mortgage rates do not drop as quickly as many had hoped.

Thursday, 15 February 2024

The basics of letting a property

There are over 150 pieces of legislation that landlords and letting agents need to be aware of when they let out a property. Below are the basic things I always check first when visiting a prospective landlord at their potential rental property:

Is it leasehold?

If so, you’ll need to check there are no covenants that stop you letting out the property to a certain type of tenant or, in extreme cases, preventing you from letting it at all! You may also find the freeholder and/or management company needs to be alerted to the fact the property is to be rented (and to whom).

Is there a mortgage?

If you have a buy-to-let mortgage, or no mortgage at all, then you’re all set. But if the property is currently your home and you have a residential mortgage you’ll need to apply to your lender for ‘consent to let’ and/or switch to a buy-to-let mortgage.

Is it insured?

Specialist landlord insurance for the property will cover the building, your contents (including fixtures & fittings) as well as providing you with legal indemnity cover.

Furnished or unfurnished?

Most long-term rental properties are let unfurnished, but if you plan to supply any furniture it needs to comply with fire safety regulations (look out for the manufacturer’s label).

Is there an EPC?

An in-date EPC (Energy Performance Certificate) with at least an E rating is required prior to letting (some exemptions apply). They are valid for 10 years and there’s a register online that you can check before you order a new one.

Got gas?

There needs to be a smoke alarm on each floor of the property and a carbon monoxide alarm in any room with a solid-fuel burning device e.g. an open fire.

Are smoke and carbon monoxide alarms in place?

There must be a working smoke alarm on each floor of a rental property. Meanwhile, carbon monoxide alarms need to be installed in any room with a ‘fixed combustion appliance’ (other than a gas cooker). That most likely includes a gas boiler, gas hob, gas fires & open fires all requiring a carbon monoxide in the room.

Are the electrics up to scratch?

All new tenancies require an EICR (Electrical Installation Condition Report) to be undertaken by a qualified contractor to ensure the electrics are safe and in a good condition. These are then valid for five years (unless the electrician says they need to be checked sooner).

These are the bare minimum legal requirements you must comply with before letting a property. There are many more points to consider though, such as the condition and desirability of the property, its likely target market and rental valuation compared to what else is available at the time. If you have a property that you’re thinking of letting and would like some advice or guidance, please get in touch.

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Thursday, 1 February 2024

What’s for rent in Chichester?

Not much!!!

Since the onset of Covid nearly four years ago, the supply of rental properties in Chichester has been at record lows, whilst demand remains stubbornly strong. This has led to a hugely competitive market for wannabe tenants, whereby you can expect dozens of enquiries within 24 hours of listing a decent and well-priced property to rent. That is despite rents increasing across the board as a result of this supply and demand imbalance.

On the face of it though, the supply of rental properties has at least ‘improved’ since a year ago (when just 82 properties were on the rental market in Chichester). But having just 98 homes on the market to rent in a city the size of Chichester is still wildly low.

More worryingly however is that demand has continued to outgrow supply, as only 38% of rental listings are still available (with 62% let agreed), whereas this time last year 49% of listings were still available (with 51% let agreed). Bear in mind that four years ago (just before Covid struck) there were 205 properties on the rental market in Chichester, of which 143 (70%) were still available.

…The average rent for a property in Chichester is currently £1,400pcm, up from £1,295pcm a year ago (an increase of 8.1%!).

The cheapest property available to rent in Chichester is a studio apartment on Oving Road, costing £650pcm. On the other end of the scale is a five-bedroom detached house in The Avenue in Summersdale, which is ‘let agreed’ having been marketed for £3,400pcm.

To stay abreast of the availability and average prices of rental properties in Chichester, be sure to subscribe to my free fortnightly e-newsletter at www.bit.ly/chipropertynews.

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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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Thursday, 2 March 2023

What’s for rent in Chichester?

Not much!!!

Since the onset of Covid nearly three years ago, the supply of rental properties in Chichester has been at record lows, whilst demand remains stubbornly strong. This has led to a hugely competitive market for wannabe renters, whereby you can expect dozens of enquiries within 24 hours of listing any property to rent. That is despite rents increasing across the board as a result of this supply and demand imbalance.

The supply of rental properties has, however, ‘improved’ since a year ago (when just 21 properties were available to rent in Chichester). But having just 43 homes currently available to rent in a city the size of Chichester is still wildly low. Bear in mind that three years ago (just before Covid hit hardest) there were 148 properties available to rent in Chichester.

Clearly there’s not much choice for those seeking a property to rent, which explains why so many people are enquiring as soon as something comes to the market. Furthermore, it explains why people are willing to pay more as and when something suitable does become available. This has led to an increase in asking rents across the board, such that the current average asking rents in Chichester are:

…The average rent for a property in Chichester is currently £1,295pcm, up from £1,150pcm a year ago (an increase of 12.6%!).

The cheapest property available to rent in Chichester is a studio apartment on South Bank, just alongside the canal, costing £625pcm. On the other end of the scale is a four-bedroom detached house in Rew Lane in Summersdale, which is marketed for £2,950pcm.

To stay abreast of the availability and average prices of rental properties in Chichester, be sure to subscribe to my free fortnightly e-newsletter 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:

^{_{c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP}}

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.

This article was featured in...

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Thursday, 17 March 2022

The basics of letting a property

Is it leasehold?

Is there a mortgage?

Is it insured?

Specialist landlord insurance for the property will cover the building, your contents (including fixtures & fittings) as well as providing you with legal indemnity cover.

Furnished or unfurnished?

Most rental properties are let unfurnished, but if you plan to supply any furniture it needs to comply with fire safety regulations (look out for the manufacturer’s label).

Is there an EPC?

Are smoke and carbon monoxide alarms in place?

There needs to be a smoke alarm on each floor of the property and a carbon monoxide alarm in any room with a solid-fuel burning device e.g. an open fire.

Are the electrics up to scratch?

Got gas?

Any gas appliances i.e. gas boiler / hob / fire needs to be checked by a Gas Safe engineer on an annual basis to check things are safe, with the certificate being provided to the tenants when they move in.

These are the bare minimum legal requirements you must comply with before letting a property. There are many more points to consider though, such as the condition and desirability of the property, its likely target market, and rental valuation compared to what else is available at the time. If you have a property that you’re thinking of letting and would like some advice or guidance, please get in touch.