The average property in Chichester has risen in value by £32,072 over the past year, equating to an increase of £617 per week!
That is far greater than England’s average property value increase (up £188 per week) and is in fact the strongest performer in West Sussex (which has increased by £138 per week on average). Most towns in West Sussex have seen an increase in value, although a few have actually fallen – most notably, East Grinstead, Horsham and Shoreham-by-sea.
Worryingly for Chichester’s residents is the fact the local average salary (listed as £32,609 by adzuna, a job listings website) is barely enough to keep up with the rise in property values (and doesn’t when you consider income tax). This suggests getting on to the property ladder, or moving up it, has become even more difficult for many in the city.
Interestingly though it was the most expensive houses (the detached ones) in Chichester that increased the most in both percentage terms (+9.7%) and in outright monetary value (+£47,925 / £922 per week). This greatly skewed the overall picture.
Some comfort can therefore be taken that lower down the food chain, semi-detached houses increased by just 0.9% (£58 per week) and terraced houses increased by 2.4% on average (£171 per week).
Flat owners in Chichester have seen values drop by 1.7% in the past 12 months (costing them £87 per week), as people seek the solace of more space and privacy in light of the pandemic and the amount of time we’re now spending at home.
It will be interesting to see what the ‘new normal’ becomes in this regard, especially in regards to the location of our workplaces. If working from home becomes a more permanent fixture for many, I suspect houses will continue their upward march over flats.
To stay abreast of the changes in Chichester’s property market, including the latest house prices and rents in the city, please contact Clive Janes CRJ Lettings.