Chichester district house prices rise again

House prices leapt by 5.4 per cent in the Chichester district in September, new figures show.

The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 13.7 per cent annual growth.

The average Chichester house price in September was £459,575, Land Registry figures show – a 5.4% increase on August.

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Over the month, the picture was better than that across the South East, where prices increased three per cent, and the Chichester district outperformed the 2.5 per cent rise for the UK as a whole.

House prices continue to rise

Over the last year, the average sale price of property in Chichester rose by £55,000 – putting the area 11th among the South East’s 70 local authorities for annual growth.

Owners of detached houses saw the biggest improvement in property prices in the district in September – they increased 5.5 per cent, to £728,997 on average. Over the last year, prices rose by 14.5 per cent.

Terraced homes increased by 5.3 per cent monthly; up 13.5 per cent annually to an average of £381,021.

Flats were up by up 5.2 per cent monthly; up 11.2 per cent annually to a £236,485 average

First-time buyers in Chichester spent an average of £348,000 on their property – £42,000 more than a year ago, and £64,000 more than in September 2016.

By comparison, former owner-occupiers paid £521,000 on average in September – 49.7 per cent more than first-time buyers.