Chichester Property News: property sales

Showing posts with label property sales. Show all posts

Thursday, 26 September 2019

Which streets in Chichester have had the most sold signs?

I’ve written previously that the volume of property sales in Chichester has been decreasing, which is a similar story to the one throughout the UK. Fundamentally this means people are staying longer in their current home, rather than moving onto pastures new. Having said that, there are certain streets that seem to have removal vans unloading the possessions of excited new property owners far more regularly than most.

Below are the top 10 streets in Chichester with the greatest number of property sales since 1995, alongside the total number of properties in the street.

1) Stockbridge Road - 941 sales from 334 homes
2) Henty Gardens - 465 sales from 111 homes
3) Somerstown - 456 sales from 152 homes
4) Oving Road - 449 sales from 189 homes
5) Chatsworth Road - 438 sales from 101 homes
6) Salthill Road - 431 sales from 146 homes
7) King George Gardens - 382 sales from 89 homes
8) Waterside Drive - 346 sales from 95 homes
9) Whyke Lane - 346 sales from 143 homes
10) Longley Road - 338 sales from 233 homes

Stockbridge Road has seen by far the greatest number of sold signs in Chichester, although that’s unsurprising given it has significantly more properties than on any other street in Chichester.

As a ratio of the total number of properties on the street, it is Chatsworth Road that has the highest ‘turnover’, with each of its 101 homes selling an average of 4.33 times in the last 24 years (which means each one changes hands approximately once every five years on average).

King George Gardens and Longley Road are slight anomalies in the top 10 as they have been newly built since 1995, so all the properties had to be sold at least once straight away within the data set!

Aside from these two, and also notably Salthill Road, it is typically the ‘cheaper’ streets in Chichester that have seen their properties sold more frequently. This makes sense as the more affordable properties will typically be bought by first-time buyers as starter homes, before they progress up the next step of the ladder and thus need to sell. Furthermore, the buying and selling costs are lower with cheaper properties, making them more transient, whereas by the time you buy a larger more expensive property you are likely to stay longer to get your money’s worth, many even doing so as they find their ‘forever home’.

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Thursday, 25 April 2019

£754m spent on property in Chichester in 2018

…£754,241,513 to be precise.

That was the huge amount of money spent on property in Chichester in 2018, according to recently released Land Registry data. That wasn’t enough to beat the figure spent in 2017 though (£758m), which actually means that 2018 saw the first drop in total spend since 2011.

The average sale price of £385,507 was in fact a record-high for Chichester in 2018 (up 3% on 2017), so the reason the overall spend was down is due to volume. There were 1,954 property sales in Chichester in 2018, which was down 7% versus 2017 (when 2,103 homes changed hands). This is now the fourth year in a row that the number of property sales have declined in Chichester.

Having said that, in 2015 sales were down 7% compared to the year before, in 2016 this had dropped to a 4% decline and by 2017 it was a mere 1% lower than the year before. Those figures had led me to predict a year ago that 2018 would finally see the number of house sales in Chichester rise - but I was wrong!

For it to have slipped back so much is bad news for Chichester’s property market. I had hoped we were ‘on the mend’ after the credit crunch, even if we remain some way off the sales figures seen in the early ‘noughties’ (an average of 2,525 properties were sold in Chichester each year between 2000-2007). 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.

Today there are 516 properties on the market in Chichester, with 162 showing as sold (subject to contract). This time last year there were 574 properties on the market, with 215 having been sold. So, things seem to have started off even worse in 2019, with both a decline in availability and the number of properties sold. This does not bode well for a recovery in the number of properties being sold this year then. You would therefore expect prices will start to flatten to account for this decreased demand.

It seems if you’re looking to buy a property, whether to live in or to let out, the market may be constraining once again. 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.

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