Hello! I’m Jodie Stubbington, your local property guide here in the wonderful PO19 area.
Have you ever looked at a garden gate in Fishbourne or a smart front door in Summersdale and wondered, "What if I’d bought that house seven years ago instead of the one I'm in now?" It’s a bit like picking a different queue at the supermarket; sometimes the one next to you moves much faster, and occasionally, it barely moves at all!
Back in 2019, life felt quite different, didn't it? Since then, we’ve seen big changes in how much things cost at the shops and how much the Bank of England charges people to borrow money. With the "base rate" now at 3.75%, the cost of a mortgage is a bit higher than it used to be. This acts like a giant thermostat for our local streets—when the rate goes up, it cools down how much people can afford to spend on their first home.
The Price Ladder in PO19
If you’re looking to grab your first set of keys in PO19, the price tag depends heavily on the "flavour" of home you choose. Right now, a flat in places like St Pancras or near North Street averages about £221,934.
But what if you wanted more space? Jumping up to a terraced house costs about £348,505. That’s a gap of over £126,000—or, to put it simply, the price of a very fancy sports car or a whole lot of family holidays! If you want a semi-detached, you’re looking at £392,119, and for a big detached house, the average leaps to £618,851.
The Seven-Year Winners and Losers
Did you know that not all homes in PO19 have behaved the same way over the last seven years? It’s been a real mixed bag.
If you bought a big detached house seven years ago, you’d be feeling very happy right now. Those homes have shot up by £48,700 in value! On the flip side, someone who bought a flat back then might find their home is actually worth about £8,523 less today.
Why is that? Well, because prices in the shops (inflation) have been high and wages haven't always kept up, people looking for smaller homes or their very first flat are feeling the pinch. They can’t borrow as much from the bank as they used to. Meanwhile, people looking for big family homes often have more savings, so they’ve kept those prices moving up.
What This Means for You
- If you’re a First-Time Buyer: There is a great deal of choice for buyers right now. Because there is a healthy level of housing supply and not as many people able to buy them, you have more power to haggle! Flats and terraces are actually a bit cheaper than they were a few years ago—which is great news for your bank balance.
- If you own a Semi or Terrace: Your home's value has stayed very steady. It hasn't zoomed up, but it hasn't tumbled either. You're in a "safe and steady" spot.
- If you own a Detached House: You are the big winner of the last seven years. Even though the national market is a bit slow, your type of home remains highly sought-after in PO19.
Looking Ahead
Over the next year, I expect the "gap" between flats and big houses to stay quite wide. While the country is seeing some small price rises, PO19 is taking a little breather. If you’re thinking of moving, remember that there is significant competition for sellers at the moment due to the current stock levels—so patience is the name of the game!
Whether you're in a cosy flat near the cross or a grand house on The Avenue, your home is more than just a piggy bank—it’s where your life happens.