Why West Sussex is a UK Property Hotspot
As West Sussex property experts, we are regularly asked for our advice on the best places to buy – and which of our beautiful local towns and villages are in the most significant demand.
Choosing the right place to buy depends on many factors, such as:
- Proximity to travel links, schools and workplaces.
- Whether you are buying a residential home or a rental investment.
- Your lifestyle requirements – such as whether you’d prefer to live in vibrant Chichester or enjoy a relaxed coastal home in West Wittering.
Many parts of West Sussex continue to buck trends and outperform the broader market, in some cases considerably, so it’s always advisable to seek advice from a reputable, local expert property team to ensure you’re making informed decisions about your next property purchase.
The Post-Pandemic West Sussex Property Boom
The dramatic ebbs and flows of the property market over the last year have been well documented. However, for many buyers, movers and investors, there remains uncertainty about what is likely to happen with prices as time rolls on.
In West Sussex, the volume of enquiries shows no sign of slowing. There is little doubt that the region’s appeal remains strong and is highly unlikely to diminish when other factors, such as the Stamp Duty holiday, come to an end. Indeed, as more and more people look to the county as a great place to live, overall availability has dropped substantially – with around 63% fewer detached homes now coming to market.
It is, therefore, crucial to decide where to buy and have an experienced local property agent on hand to ensure you have first access to new listings. Let’s take a closer look at two of the larger towns and cities in the region, what they offer in terms of property, and how increasing interest is driving prices.
Buying Property in Chichester
If you’re familiar with Chichester, you don’t need us to tell you why this elegant, contemporary city is such a hugely desirable place to live! Whether you’ve fallen in love with the culture of this famous cathedral city, enjoy the wide open local spaces and beaches, or can’t resist the allure of living in the heart of the British racing scene, there is a lot to take in here – and it never gets old.
There are a few reasons Chichester remains on the top of the home movers short-list:
- The city offers an outstanding quality of living within an easy commute of Portsmouth and Southampton.
- Properties range from slick central apartments to holiday homes and generous family properties ideal for relaxing at the weekends.
- While prices are higher than in some regions, they continue to grow – creating strong potential for appreciation and a profitable sale in the future.
During the pandemic, house prices in Chichester have risen by 8.3% to an average of £414,699, with no signs of decreasing.
Buying Property in Bognor Regis
The first big draw to Bognor Regis is the weather – it’s one of the sunniest places to live in the UK.
Whether buying property to let or relocating to this warm coastline, there are some excellent advantages to setting down roots in Bognor:
- The town is a popular place for young professionals and families to live. It has exceptional rental potential and a range of new developments alongside period properties and larger family homes.
- You’ll find no less than 12 highly rated primary schools and two secondaries, as well as a Chichester University campus.
- There are countless things to do with a community feel. Visit Hotham Park for a day out in the fresh air, relax at the gorgeous East Beach, or make the most of the shopping close to the promenade.
In June 2021, the average property value in Bognor Regis has risen 7.54% on the previous year, with an average sale price of £329,417. As we can see, prices across the board are rising, in most cases between 6% and 13%, year-on-year.
Rental Price Averages in West Sussex Property Investments
Along with changes to demand and average house sale prices, the property rental market in West Sussex has also been evolving as interest continues to grow.
As an investment hotspot, the county remains one of the most attractive options nationwide.
Benefits of Property Investment in West Sussex
The unique nature of this region means that there are a vast number of rental options to choose from. Whether that’s student lets near Chichester University campuses, elegant waterfront properties, terraced houses, central city apartments or cosy period cottages, the range is unbeatable.
Investors can, therefore, diversify their portfolios with ease yet remain in this prestigious county and blend their properties to cater to different tenants, offsetting any potential risks
The Investment Potential of West Sussex Rentals
Since the pandemic, rentals have surged in demand, with the average property being let 30% faster than the year before.
The diversity of the West Sussex region also provides a powerful incentive for investors. Tenants look for a wide range of homes, such as:
- Weekend homes.
- Holiday lets.
- Student accommodation.
- Long-term family rentals.
- Professional housing.
The average rental income across the West Sussex market is around £1,113 per month, compared to the UK average of £996, or £853 per month excluding London (in April 2021).
However, that can vary between averages of:
- £2,548 a month for five-bedroom family properties.
- £1,553 per month for three-bedroom homes.
- £910 a month for one-bedroom apartments.
Overall, it’s clear to see that a West Sussex rental investment provides income returns of over 10% higher than any other UK region – adding to the enormous demand for new properties as soon as they become available.
Choosing Your Ideal Property Location in West Sussex
With so many variables and so much to consider, here at Tod Anstee, we appreciate that it can feel impossible to identify your perfect location in West Sussex! From charming villages to expansive coastal panoramas, bustling cities, to thriving market towns, the range in our region is unparalleled – but can also present a puzzle when choosing where you’d like to purchase your next property.
Our series of articles aims to provide greater insight into some of the unique towns and villages in West Sussex to allow you to get a feel for the lifestyle on offer, range of property options, and average sale prices. Visit the Tod Anstee News Page for further information about your location of choice, or get in touch with the team for local advice about the areas we think are great contenders!