Chichester Property News

Chichester Property News, 10th October 2014, Brought to you by CRJ Lettings
In this week’s issue:

- The latest Chichester Property Stats -

- “Which parts of Chichester are the most affluent?” -

- Previous CRJ Lettings articles -

- Buy-to-let deal of the week -

- National and local property news -
CHICHESTER PROPERTY STATS

NEWS FROM CRJ LETTINGS

Which parts of Chichester are the most affluent?
Article heading as seen in the West Sussex Property Guide
As featured in in the Chichester Observer’s property section on 19th February 2015.

This week I’ve put together a marketing campaign to post out my latest ‘Chichester Property News’ report.

Whilst it’s nice to provide this juicy information to people there is of course a business reason for doing it – I would like more landlords’ properties to manage!

Because of this, it seemed sensible to try and target the most affluent parts of Chichester and its surrounding areas, which is where most landlords would logically live.

This begged the question…..which parts of Chichester are the most affluent?

It would be fair to assume that the areas with the highest average property prices are likely to be amongst the wealthier areas.

With a little local knowledge I could pick out a few obvious prime areas, such as Summersdale, Brandy Hole Lane, Littlebreach, parts of Stockbridge, Chichester’s town centre and the Manhood Peninsula.

To confirm this was the case, I thought it would be interesting to see which individual streets contained the most expensive homes.

Spinney Lane in Itchenor holds the honour as the most expensive street in the PO18-PO21 postcode districts, with an average property value of £2,070,630 according to Zoopla.

Chunks of West Wittering then follow, with East Strand (£2,047,689), Rookwood Lane (£1,914,009) and West Strand (£1,888,396) just outgunning parts of Bosham – with Bosham Hoe’s properties averaging £1,771,636 and Smugglers Lane’s £1,512,287.

The first area away from the Manhood Peninsula then features, with East Marden having an average property value of £1,457,590.

The top ten is then rounded off in Bosham, Birdham and the Witterings. I was surprised to see that parts of Chichester’s city centre, Brandy Hole Lane and Summersdale only then begin to feature in the list and none of these areas have a street able to break the £1million average value mark.

To finish off the exercise I was interested in taking a closer look at the most expensive street, Spinney Lane. The most recent sale was in March 2012 for a staggering £3,825,000, the same house having sold for £1.3m in 2003 and £600,000 in 1999. That’s some impressive capital growth of 638% in 16 years!

So, if you live in one of the targeted areas you can expect to receive the latest issue of Chichester Property News through your letterbox in the next couple of weeks. If not and you’d like a copy, or you or anyone you know would like some assistance letting and managing a rental property, then please get in touch.

Article heading as seen in the West Sussex Property Guide
The £3.825m house in Spinney Lane (as of March 2012).

DID YOU MISS…

“The most valuable streets in the PO18-PO21 postcode areas”

“How long should it take to let your property?”

“Amount of time properties stay on the rental market
in Chichester”

BUY-TO-LET DEAL OF THE WEEK:

3 bed house in Fishbourne, £275,000, 4.6% yield

This 3 bedroom house in Fishbourne is in immaculate condition, having been built only 3 years ago. It is a good size, with two nice sized double bedrooms and a large single. As you’d expect from a new(ish) build it has gas central heating, double glazing, a downstairs cloakroom and an en-suite to the master bedroom. It also benefits from a garage, which you don’t always get with new-builds locally.

Due to it’s excellent condition it is ready to rent immediately and would be popular with tenants. It should rent relatively quickly at around £1,050pcm, giving a yield of 4.6% based on paying the full asking price of £275,000. That’s a decent yield, particularly considering it’s a freehold house in immaculate condition that should be relatively maintenance free due to it’s age.

The asking price is also reasonable based on comparables locally, including a 3 bed house on the same estate for £315,000 (albeit a larger townhouse style property). Also, the asking price is only a 5.8% premium over the price paid when the house was purchased new in February 2012 (£260,000). This compares favourably against an average rise in value of 13.9% on the estate in that time, according to Zoopla.

For an investor looking for a low-hassle purchase with good credentials for tenant demand and capital growth, I think this modern property would make a great buy-to-let.

Full details can be found on Rightmove via the following link:

http://www.rightmove.co.uk/property-for-sale/property-50630603.html

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PROPERTY NEWS
NATIONALLY

“House price inflation still strong, says ONS”

“Small increase in new-builds still fails to keep pace with demand”

“Pension reforms should give buy-to-let an extra boost”
LOCALLY

“Campaigners oppose new homes in Chidham”

“Traffic fears for 1,600-home Whitehouse Farm development”

“No homes at Whitehouse Farms please – a Chichester resident’s letter”
THANKS FOR READING

This week’s stats show things are hotting up in the market, with lots more properties for sale, sold & let agreed. There’s not much rental stock becoming available though, with only 9 two-bed houses and 19 three-bed houses available in the whole of Chichester! The knock on effect of this has seen the median rent increase for these properties.

The national news indicates housing supply is not keeping up with demand and the local news shows us why, with continual reporting of campaigners objecting against new housing in their local area.

All these factors should result in buy-to-let continuing to be a solid investment, combining strong demand and limited supply, which should ultimately reap good long-term returns.

Please contact me if you would like to chat about the local market, you are looking for a new buy-to-let or if you need assistance letting a property.

See you next week,

Clive Janes.

CRJ Lettings
01243 624 599
www.crjlettings.co.uk
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