Chichester house prices increased in November

House prices increased by 2.9% in Chichester in November, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.5% over the last year.

The average Chichester house price in November was £490,201, Land Registry figures show – a 2.9% increase on October.

Over the month, the picture was different to that across the South East, where prices decreased 0.4%, and Chichester was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Chichester rose by £12,000 – putting the area fifth among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Oxford, where property prices increased on average by 5.7%, to £507,000. At the other end of the scale, properties in Surrey Heath lost 8.6% of their value, giving an average price of £430,000.

First steps on the property ladder

First-time buyers in Chichester spent an average of £368,300 on their property – £9,600 more than a year ago, and £66,800 more than in November 2018.

By comparison, former owner-occupiers paid £558,300 on average in November – 51.6% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Chichester in November – they increased 3.8%, to £237,375 on average. Over the last year, prices rose by 1.1%.

Among other types of property:

• Detached: up 2.7% monthly; up 2.7% annually; £788,881 average
• Semi-detached: up 3.1% monthly; up 4.5% annually; £479,301 average
• Terraced: up 2.5% monthly; up 1% annually; £402,073 average

How do property prices in Chichester compare?

Buyers paid 27% more than the average price in the South East (£386,000) in November for a property in Chichester. Across the South East, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the South East were in Elmbridge – £695,000 on average, and 1.4 times the price as in Chichester. Elmbridge properties cost 2.9 times the price as homes in Southampton (£239,000 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 November

• Chichester: £490,201
• The South East:£385,844
• UK: £284,950

Annual change to November

• Chichester: +2.5%
• The South East: -2.3%
• UK: -2.1%

Highest and lowest annual growth in the South East

• Oxford: +5.7%
• Surrey Heath: -8.6%