Chichester house prices held steady in December

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices remained steady in Chichester in December, new figures show.

The lack of movement maintains the longer-term trend, which has seen property prices in the area grow by 2.1% over the last year.

The average Chichester house price in December was £481,335, Land Registry figures show – largely unchanged from November.

Over the month, the picture was different to that across the South East, where prices decreased 1.9%, but Chichester was lower than the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Chichester rose by £10,000 – 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 Winchester, where property prices increased on average by 7.9%, to £538,000. At the other end of the scale, properties in Gosport lost 11.5% of their value, giving an average price of £230,000.

First steps on the property ladder

First-time buyers in Chichester spent an average of £362,400 on their property – £8,500 more than a year ago, and £67,200 more than in December 2018.

By comparison, former owner-occupiers paid £547,400 on average in December – 51% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Chichester in December – they dropped 0.4% in price, to £772,285 on average. But over the last year, prices rose by 2.3%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Chichester compare?

Buyers paid 27.6% more than the average price in the South East (£377,000) in December 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 – £730,000 on average, and 1.5 times the price as in Chichester. Elmbridge properties cost 3.2 times the price as homes in Gosport (£230,000 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 December

Chichester: £481,335
The South East:£377,162
UK: £284,691

Annual change to December

Chichester: +2.1%
The South East: -4.6%
UK: -1.4%

Highest and lowest annual growth in the South East

Winchester: +7.9%
Gosport: -11.5%