Chichester Property Market 2024 - Unexplained Trends - Fallows (Valuation) Surveyors

Chichester Property Market 2024 - Unexplained Trends

Much has been written in the media about the state of the UK property market, but in this article, we’ve focused specifically on Chichester, drawing on detailed land registry data to highlight some notable trends. For insights into other towns across the South of England, please visit our blog.

We begin with a national overview to provide context. Using comprehensive transaction data from HM Land Registry, we have analysed every recorded property sale across the UK to identify key patterns in the housing market.

National Overview: A Decline in Property Transactions

Comparing 2024 with 2023, the number of property transactions across the UK has fallen by 27%. The breakdown by property type reveals:

  • Terraced homes: 25% decline in sales
  • Semi-detached homes: 26% decline
  • Detached homes: 30% decline

Interestingly, while the volume of sales has dropped significantly, average prices have shown more stability. The average sale price for detached properties declined by 1%, whereas terraced and semi-detached homes experienced slight increases.

The situation is more severe in the new-build sector, where sales have fallen dramatically:

  • Flats: down 66%
  • Terraced houses: down 65%
  • Semi-detached homes: down 61%
  • Detached homes: down 63%

This is a surprising trend given that new homes are often marketed with financial incentives and flexible purchase schemes from developers.

Regional Focus: Mixed Results Across the South

The picture across the South of England is more complex. Larger towns and cities appear to fall into two distinct groups.

Strong performers, where transaction volumes in 2024 are broadly consistent with 2023, include:

  • Horsham
  • Crawley
  • Guildford
  • Woking
  • Salisbury
  • Worthing
  • Littlehampton
  • Haywards Heath

These areas are bucking the national trend and have maintained relative stability in sales activity.

Conversely, other locations have experienced significant declines in transactions, including:

  • Brighton
  • Winchester
  • Basingstoke
  • Andover
  • Eastbourne
  • Bournemouth
  • Lewes

Each of these towns has seen sales volumes fall by 20–30%. At present, we are unable to identify any clear or consistent factors that explain the divergence between these two groups.

Spotlight on Chichester

Chichester stands out as one of the top-performing markets in the region. Despite wider national and regional trends, Chichester recorded a slight increase in sales activity, with total transactions rising by nearly 1% year-on-year.

This growth was particularly notable in Q2 2024, which saw 538 property sales, compared to 367 in the same quarter of 2023—an increase of more than 45%. This suggests a strong and resilient local market, potentially driven by factors specific to Chichester's appeal and housing supply.