Chichester house prices dropped more than South East average in September

House prices dropped by 0.8% – more than the average for the South East – in Chichester in September, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.8% annual decline.

The average Chichester house price in September was £465,154, Land Registry figures show – a 0.8% decrease on August.

Over the month, the picture was similar to that across the South East, where prices decreased 0.6%, and Chichester was lower than the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in Chichester fell by £19,000 – putting the area 57th among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Test Valley, where property prices increased on average by 8.6%, to £440,000. At the other end of the scale, properties in Hastings lost 9.7% of their value, giving an average price of £266,000.

First steps on the property ladder

First-time buyers in Chichester spent an average of £349,000 on their property – £13,000 less than a year ago, but £47,000 more than in September 2018.

By comparison, former owner-occupiers paid £530,000 on average in September – 51.9% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Chichester in September – they dropped 1.4% in price, to £224,726 on average. Over the last year, prices dropped by 5.4%.

Among other types of property:

• Detached: down 0.8% monthly; down 3.2% annually; £750,805 average
• Semi-detached: down 0.3% monthly; down 2.2% annually; £453,233 average
• Terraced: down 1.1% monthly; down 5.4% annually; £381,603 average

How do property prices in Chichester compare?

Buyers paid 18.6% more than the average price in the South East (£392,000) in September for a property in Chichester. Across the South East, property prices are high compared to those across the UK, where the average cost is £291,000.

The most expensive properties in the South East were in Elmbridge – £705,000 on average, and 1.5 times the price as in Chichester. Elmbridge properties cost 2.9 times the price as homes in Southampton (£244,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in September

• Chichester: £465,154
• The South East:£392,174
• UK: £291,385

Annual change to September

• Chichester: -3.8%
• The South East: -1.4%
• UK: -0.1%

Highest and lowest annual growth in the South East

• Test Valley: +8.6%
• Hastings: -9.7%