Chichester district house prices dropped slightly in November

House prices dropped slightly, by 0.5 per cent, in the Chichester district in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 11 per cent annual growth.

The average Chichester district house price in November was £453,117, Land Registry figures show – a 0.5 per cent decrease on October.

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House prices have fallen in the district SUS-210527-165735001

Over the month, the picture was worse than that across the South East, where prices increased 0.5 per cent, and the district underperformed compared to the 1.2 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in the Chichester district rose by £45,000 – putting the area 30th among the South East’s 64 local authorities with price data for annual growth.

The best annual growth in the region was in the Hastings borough, where property prices increased on average by 22.4 per cent, to £276,000.

First-time buyers in Chichester spent an average of £341,000 on their property – £32,000 more than a year ago, and £66,000 more than in November 2016.

Winners and Losers

Owners of flats fared worst in Chichester in November – they dropped 0.8 per cent in price, to £228,205 on average. But over the last year, prices rose by 6.7 per cent.

Detached: down 0.3 per cent monthly; up 12.9 per cent annually; £728,289 average

Semi-detached: down 0.4 per cent monthly; up 11.9 per cent annually; £433,310 average

Terraced: down 0.8 per cent monthly; up 9.4 per cent annually; £371,049 average