Philip Jordan is Chief Executive of Henry Adams. Discover more about the West Sussex markets and properties at www.henryadams.co.uk.
The twin attractions of the south coast and the South Downs National Park have made West Sussex a popular property hotspot over recent years. These natural attributes coupled with pretty towns and villages scattered throughout the county and the excellent transport connections by road, rail, or air from Gatwick, make this area a sound choice for property owners.
This is borne out with an 8.4% annual house price increase to May this year and an average selling price of £243,446, sitting just below some of the most expensive areas in the UK. This includes Greater London which stands at £474,544. The price differentials have certainly led to DFLs (Down From Londoners) discovering a new way of life here in the countryside and second homes are a big part of the market, particularly along the coast.
Sailing clubs around Chichester are incredibly popular and the sport attracts both families and professionals. Just along the shore are the golden sands of West Wittering beach which is a big draw for holiday lets and weekend homes.
Equally, the elegant City of Chichester draws considerable interest and the Festival Theatre regularly hosts A-list stars in award winning productions. At the home of motor racing, the Festival of Speed is held annually at Goodwood. There’s no hint of a backwater in West Sussex.
New homes are also thriving across the county, particularly with Help To Buy being offered by many developer clients of ours on both rural, semi-rural and urban schemes. Housebuilders are clamouring for their next sites, both with planning in place or for strategic development.
The Local Authority is forecasting housebuilding with some 3,478 this year followed by 3,342 in 2016, with the largest numbers around Crawley, Horsham and mid Sussex districts.
Our general residential sales offices have experienced a steady market so far this year, with stock levels of instructions marginally down year on year. This is partly due to the election which caused people to defer their decision to move until future tax and housing policies of the winning party became clear.
Sales agreed are similarly level pegging against the same time last year, although viewing levels are slightly lower, indicating that those potential buyers are more focused on acting rather than browsing.
Certainly we’ve noticed a lack of stock which in turn is putting some pressure on prices, particularly those on the waterfront which can achieve a premium of around 25% or in some cases more. At the prestigious address of West Strand, West Wittering, prices up to £4.3m have been achieved.
One smaller property requiring renovation and set on the land side of a beachfront road in West Wittering has just attracted six sealed bids over the guide price of £685,000. This is simply down to a finite number of waterfront properties and exponential demand. But if it’s a sea view you’re after, seafront apartments range from around the more modest £275,000.
The buy-to-let market has also remained buoyant, boosted to some degree by the low interest rates offered by savings accounts. The majority of our first time landlords are buying without the use of a mortgage following the government’s changes to pension access in April and the choice to put inheritance money into bricks and mortar, as part of a wider portfolio for both income and capital appreciation.
Accurate pricing remains the key in this price sensitive market, especially in hotspots such as central Chichester but demand for more rural, village and market town properties on the picturesque 600 square miles of the South Downs National Park, remains consistently good.
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