Our team’s hard work on some excellent houses to rent in Chichester has finally paid off. Hancock Lettings and Estate Agents celebrated a record number of properties rented recently in the area. To mark the occasion, the team headed to the Goodwood Estate near Chichester for an unforgettable outing. The Goodwood Estate is a famed spot for horseracing, motor racing, golf and appreciating works of art found on the property.
Excellent Houses to Rent in Chichester
The Goodwood Racecourse is a horseracing track owned by the family of the Duke of Richmond. Goodwood achieved its current status late in the 18th century when it became the location for the first flag start of a British racecourse under the order of Lord George Bentinck. Now, it hosts the annual Glorious Goodwood meeting, one of the highlights of the British flat racing calendar.
Over the course of recent weeks, Hancock Lettings and Estate Agents based in Chichester has been enjoying booming sales in neighbouring village Boxgrove. Hancock and Partners has only recently sold several properties in the Boxgrove area. Aside from the skills of our agents, one possible reason for this is the village’s appeal to buyers. Boxgrove is a historic Downland village located just 3 miles outside Chichester, near the city centre and the A27. This makes Boxgrove a convenient place to live and buy property.
Boxgrove is known throughout West Sussex for its famous Boxgrove Priory, a 12th century abbey founded as a cell of Lessay Abbey in France. The old church was dedicated to St Mary and St Blaise. Boxgrove Priory is a famed historical site for having been a place of worship for the villagers for over 900 years.
The UK housing market appears to be hitting crunch time yet again. Although planning permission for 240,000 new homes was granted in 2014, the number of completed builds has fallen far short of that in recent years.
The Property Shortage is Increasing
According to the National Association of Estate Agents, “the situation has reached crisis point,” with first time buyers again losing out in a competitive market. Areas like West Sussex seem to bear this out, where 11 prospective buyers are chasing each property for sale in Chichester, attracting an average of 7.5 viewers per sale.
There is obviously a big shortage of available properties, an average of just 38 properties are registered for sale with estate agents nationwide. The property shortage has been compounded by an increasing confidence in the UK economy, tempting more first time buyers, and people wishing to change properties.
With UK property prices again on the increase, buying a first home is as difficult as it has ever been. With an industry based on supply and demand, fewer available properties and increasing numbers wanting to buy them, has fuelled a big increase in average house and flat prices.
However, while one section chooses to downsize to release equity, moving from house to apartment, first time buyers are going the other way, bypassing flats and looking at greater numbers of semi-detached houses.
A Growing Trend
Flat buying has for years been the way many young couples have got a foot on the property ladder. Now, according to a Halifax Building Society survey, with flat prices having increased an average 60% over the last ten years, compared to all other residential property increasing by 38%, something with a garden is becoming an increasingly attractive prospect.
Amid the rise in house prices around the U.K., more people are purchasing buy to let properties as an investment. With many more traditional investments currently offering poor returns, the rental market can be a stable and reliable source of income.
Surge in Buy to Let Investments
In London and the South East of England, including Surrey and Sussex, high housing prices coupled with a scarcity of housing have helped to create a buy to let boom. Letting agents across Britain report a surge in buy to let investments on houses and flats.
Buyers looking to make the move from renting to ownership can face difficulties finding a suitable and affordable home. In 2015, 15 per cent of mortgages have been taken out by buy to let purchasers, giving rise to concerns about the availability of property for buyers who simply want somewhere to live.