What is it like buying a house in Chichester?

by | Nov 15, 2022

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Whenever looking for a house for sale in the UK or in Chichester, it is vital you look at the market trends and house price fluctuations in the wider area of West Sussex too. House prices of houses for sale can change even among different streets very close to each other so, as a landlord, it would be a good idea to be familiar with the area of Chichester.

In this article, we will be looking at the city of Chichester in detail so you know how to navigate the area and have a better understanding on where to invest.

Always consider average rental yield when searching for houses for sale in Chichester

The figure of rental yield is commonly looked at by investors who wish to increase their income by investing in areas where rental yields of the houses for sale are higher. Usually, the higher the rental yield, the more attractive a house for sale is for an investor.

Nonetheless, there are also instances where an investor will go with a house with lower yields in order to benefit from the appreciation of a house too which is why it’s vital to look in to all the details of Chichester.

The data below shows the rental yield, rent turnover and the percentage of the money made on the sale of a house. The data is broken down into the county city is in (West Sussex) as well as the broader region; South East.

Average Yield Average Asking rent Turnover (rental) Turnover (sale)
Chichester 3.6% £1,268 140% 12.0%
West Sussex 3.49% £1,280 132.83% 17.69%
South East 3.58% £1,301 127.50% 16.69%

Also, you can compare other data to the table above such as the number of houses sold per month in Chichester which is 30 and get a better understanding of the housing market.

This is great if you want to gauge if investors are actively looking for houses for sale in the area over other areas in the UK which may be an induction of how profitable Chichester is to invest in. Both in terms of rental yield and capital appreciation.

Is the housing market in Chichester growing?

Growth in the area can be a good signal of a booming house market. However, too much growth could also have negative consequences on the capital appreciation of a house as time goes on.

Take a look at the table below for Chichester that shows the growth in recent years.

1 year 3 years 5 years
Chichester growth rate no relevant data for this city 7% 7%

High growth rates can signal an appreciating housing market, nonetheless, if there are too many houses being built, this could reduce demand for housing as the supply of houses for sale starts to catch up with the demand. Leading to stagnation or a decline in house pricing so understanding the growth in Chichester is important.

What are the asking prices for the houses for sale in the city of Chichester?

On average, in Chichester, the asking price for a house for sale in the area is £428,341.

The below table puts this figure into perspective as you can see the various average sale prices of the different type of houses for sale in Chichester. From a 1 bedroom house up to a 5 bedroom house.

As you can imagine, as the price goes up, the size of a room also goes up and in general, the larger a house is, the more you can expect the sale price to be as well.

In the city of Chichester, what is the average asking price for the houses for sale?

Average asking price (1 bed) £201,497
Average asking price (2 bed) £333,237
Average asking price (3 bed) £466,391
Average asking price (4 bed) £653,984
Average asking price (5 bed) no relevant data for this city

The above table is perfect for understanding the distribution of properties in the area as well as looking at this data alongside the average asking price per square foot of £4,110. Telling you what type of house is most in demand relative to the price of the area.

This could be due to more people looking at particular types of houses for sale over others or even due to the fact that Chichester has a lack of supply of housing in certain categories.

What are the demographics like in the city of Chichester?

What is the city of Chichester’s social grade score?

Most of the time, the social grade score of a city is what it takes to determine what the economic levels are like as this score refers to what type of jobs the people of the area generally work as. So, from highly skilled, managerial roles, to the manual labour workers of the UK, how does Chichester compare?

At the highest end of the scale (A) jobs that are managerial administrative or professional are all lumped into this category. On the other hand, there is the lowest grade (E) where workers who are on benefits, state pensions or work casual jobs fall into.

In Chichester, the percentage of people who work in the two highest skilled categories of this scale (A and B) is 26%.

So you can compare this data, here is the estimated grouping of the social grades of the UK for the general population. Adding the two highest categories of A and B and comparing this percentage to the high social grade score which combines A and B should give you a good comparison.

Social Score Category The proportion of the UK population (%)
A Professional, managerial or administrative 4
B Intermediate managerial or professional jobs 23
C1 Supervisory, junior managerial or professional jobs 29
C2 Skilled manual workers 21
D Semi and unskilled manual workers 15
E State pensioners, casual & lowest grade workers 8

In the city of Chichester, the demographics are unique and must be looked at by themself to make a conclusion about the area before buying a house. This is because the growth could be greatly different to the wider area of West Sussex for example.

These demographics for Chichester may impact the price of a house, how this house grows over time and the profitability of a house if you are buying it for an investment so knowing the area is crucial for a landlord making a purchasing decision in the city of Chichester in South East.

In the city of Chichester, how much green space remains for residents?

Whether you view green space in Chichester as important to you as a homeowner is up to your personal preferences. Having said this, there is a clear benefit on the overall health of people who live near green space as the government has stated keeping green space in proximity to people is one of the biggest factors for combating obesity.

In Chichester, the number of acres of green space for every 1000 people currently is 6.3 which can be measured against the UK average of 1.7.

Is the city of Chichester deprived?

Deprivation of a city is defined as the number of people who are considered to not be earning enough to sustain their lifestyle. The UK average of deprivation nationwide is 33% so comparing the figure of 19% for Chichester should give you a nice idea of the deprivation in the area.

In Chichester, what is the crime rate?

The crime rate of Chichester must be looked at sceptically. The reason for this is that the crime rate can vary within a city greatly and the type of crime committed can also vary too.

For example, the area has a crime rate of 150, but another city may have a higher crime rate but not be deemed as dangerous due to lower level crime or minor offences being committed.

Either way, high crime rates are never a good sign so consider the rate against the UK average of 79.52 for every 1000 people as a benchmark.

Lower rates could mean things like home insurance is cheaper and you have to install fewer security measures throughout your house. Saving you money in the long run. So the statistic of crime rate (150) is both useful and is recommended to be compared to the average.

How much do people in Chichester earn?

Typically, as people earn more money, the more they are able to afford and the better house prices in the area because demand goes up. You could also infer that the amenities such as schools, parks and public areas are generally of high quality as a result.

For these reasons, it could be argued that areas where people earn more money are generally nicer arrears to live in which also attracts more people as a result and further drives up house prices in the area.

To see if this phenomenon occurs in Chichester. Compare the area’s average household income of £43,400 to the average household income in the UK at price34,000. Adding to this, compare it with the figure for the highest social grade score too at 26% for more conclusive data on the affluence of the area.

Have the people of Chichester grown in numbers?

In total, the number of people in Chichester is 30,184. This figure can be used to estimate the appreciation of the houses but it is also important you look at the population growth figure in order to make this more accurate.

Whether a large population benefits you as a landlord is dependent on what you want from a home. A large population is great if you have children who prefer the bustle of crowds in cities but there are also those who purposely want to buy somewhere rural.

You may also be able to find a balance of both where there are shops, restaurants and entertainment and also rural areas all within a short distance which may be the case ni Chichester, depending on where exactly you are.

How has Chichester changed in the past five years?

Five years provides enough time for a city to grow dramatically. It may be the case that the population grows or shrinks but the city of Chichester has changed by 3%. Read more here

It is also helpful to compare this data to a longer time period like 10 years like in the below subheading. If the population trend of growth or decline has been there for a longer period of time you’ll be able to tell if 3% is a recent change or not.
Click here to know more on the UK population trends.

In the last decade, what is the difference in population in Chichester?

7% has been the population growth change in the past 10 years.

Usually, this is more of a conservative figure compared to the five year change of a city.

Industrial changes can also be the reason for this shift but it could also be due to immigration or emigration. Bringing people in or out of the area.

The recent global pandemic has also shifted the number of people living in cities as people realise they can now work remotely. It may be that the people of a Chichester have seen a more desirable way of working, moving to make themselves more comfortable in their careers.

For example, the population of the South west of England has seen a massive increase in population because workers want to move there to benefit from the slightly better weather, lower house prices and also the rural area. Nonetheless, they can also benefit from travelling to the capital city of the UK, London.

For the city of Chichester, what is the education level?

In Chichester, the proportion of people who have a degree is 34%. Generally speaking, as the number of people with degrees increases, the more people are able to afford houses to buy as a degree is a good indicator of a higher income. To put this into perspective, the average income of Chichester is £43,400.

This figure for average household income usually goes up alongside the percentage of people who have degrees.

However, this is not a hard and fast rule, there are many factors influencing the buying power of a population and hence the appreciation of housing and the number of houses for sale in the area. This can include the rental yields of the area and other demographic statistics like crime rate.

Nonetheless, it cannot be argued that those with degrees tend to live in more affluent areas as 82% of people who achieve a first in degree level education are owners of the place they live.

What is the final sale price of a house in Chichester?

In Chichester, houses for sale are sold at an average of £352,694. In general, multiple factors impact this figure because lots of variables impact properties valuation. This can include the quality of the buildings in general, whether the population has grown, if there is demand for housing or if there is a low crime rate which would make the area more desirable.

In the table below, you can see for yourself how the average price of a house for sale looks based on the different sizes of housing in Chichester. The exact amount of variation between the types of housing depends on the local demand for particular types of houses in the area.

Housing category Total final sale price
Aerage sold price (detached) £534,535
Aerage sold price (semi-detached) £376,740
Aerage sold price (terraced) £348,007
Aerage sold price (flat) £231,068

As you can see above, for Chichester, price varies based on the type of house that is being sold. If these prices shock you it could be due to population change in the last 10 years of 7% where lots of movement may inflate or deflate house prices.

Housing category Sale price per square foot
Aerage sold price/sqft £3,710
Aerage sold price/sqft (new build) £3,520
Aerage sold price/sqft (old stock) £3,700

Looking at the second table about Chichester, you are able to tell which type of housing is most affordable to you as a buyer. However, for a general overview of what house price is, the average price per square foot for a house in Chichester is £3,910.