The West Sussex Towns with Staggering Post-Pandemic Property Booms
The Tod Anstee team has shared several guides and articles exploring the tremendous growth in the West Sussex property market over the last 18 months. As we begin to emerge from the pandemic, there is no sign of any slow down!
Many experts anticipated a slump when the Stamp Duty holiday ended, but as that relief tapers, the latest reports show a consistently healthy level of sales and tenancies.
Today we’ll recap some of the most popular towns and cities in West Sussex, what they offer, and how property values have evolved over this most unusual of years.
West Sussex Property Market Predictions for 2021-2022
In some regions, house prices have slowed from rapid growth to more stable increases, which is excellent news for prospective buyers searching for their ideal home in our beautiful part of the UK.
However, it’s necessary to keep one eye on the anticipated rises in property values longer-term. Because, in ten years, a home in West Sussex will be worth around 30% more than it is today.
These figures are taken from a Compare The Market study, analysing average property prices in 2021 and where they are expected to be in a decade:
- The average first-time buyer property in the southeast costs £304,214 in 2021.
- By 2026, that figure is expected to be £350,075.
- In 2031, first home purchases will reach an average of £395,935.
As we can see, investing in a new family home now will provide a passive return, so it’s a great time to buy with a slight decrease in the hugely competitive demand we’ve seen over the last quarter!
Prospects for Rental Property Investments Post-Pandemic
The rental market is in an equally strong position, with the lasting impact of the pandemic causing a growing disparity between inner-city living and more rural locations. An online rental platform noted that changes in working patterns and commuting created a slight drop in annual rents in areas such as Edinburgh, Manchester and London.
In contrast, regions with fresh air, high living standards and viable commuting times – available here in West Sussex with direct rail links into central London – have seen astonishing demand.
Overall rental transactions are up 21% year on year as of May 2021, with quality properties being let 30% faster than before the pandemic. There is every reason to expect this growth to continue:
- A significant volume of people will now work from home full or part-time, meaning that coastal and countryside locations are highly desirable for professionals who previously needed to remain inside the Greater London commuter zone.
- The boom in staycations has offset some of the damage to tourism. Travel experts predict substantial long-term gains in the domestic holiday rental market as more UK residents have had time to explore local heritage, coastal towns and countryside villages.
- As property transactions continue in urban areas, more new buyers with considerable budgets are looking to purchase larger homes in attractive locations, prioritising education, travel connections and community living.
Landlords are in a great position to rent out properties faster, particularly in premium locations with massive demand for homes with outdoor space and in desirable family-friendly areas.
The Highest Performing Property Markets in West Sussex
The abundance of pristine beaches, rolling farmland and exceptional schooling mean that West Sussex boasts several sought after towns and villages.
Here we’ll look at the fastest-growing places and why they have attracted so much attention in the post-pandemic climate!
West Wittering has long been a prime spot for properties. The best properties command exceptional sea views and private access to the sea for keen sailors and water sports enthusiasts. Renovation projects are also in demand, presenting a golden opportunity to configure a unique family home in this beachside village.
Detached homes in East and West Stand rarely become available to buy since they are often handed down through generations. Still, with panoramic Solent views, any listings reach anywhere from £3 million to £5 million, and sometimes more.
In the last year, sale prices rose by 10% and are now 17% higher than the market peak in 2017.
Itchenor and Bosham
Nearby, the beautiful Itchenor and Bosham sailing villages are seeing the same boost in popularity, with premiums payable for water access and those prized sea views.
Luxurious village homes often sell off-market or through sealed bids, making local knowledge essential to entering a winning proposal. This year we’ve seen considerable house price rises:
- The average Itchenor home is worth 22% more than last year, at £1.53 million.
- In Bosham, a home costs just over £1 million on average, with a terraced property fetching £389,143.
Finally, we come to Chichester, a leading light in the West Sussex market and home of Goodwood – and the Tod Anstee offices.
The lettings market is phenomenal, with consistent demand due to the university, tourism and annual events.
From March 2020 to 2021, the average property value jumped by £31,651 and is outpacing Brighton and Hove with a 7% year-on-year growth. Demand and growth are beneficial for property owners and landlords but can make it a challenge to find suitable quality homes in your selected area of West Sussex.
If you’d like more information about any of the locations discussed here or access to exclusive viewings and listings in your perfect West Sussex spot, please get in touch with the Tod Anstee team for advice from the local property experts!