The Great PO20 Tug-of-War: Why Your Next Move Might Be Between a Birdham Detached and a Selsey Semi
Hello there! It’s Jodie Stubbington here. I was out in Birdham yesterday, watching a group of kids trying to fly kites on a day with hardly any breeze. It was a proper struggle! It reminded me so much of what’s happening with our local homes right now. Just like those kites, some types of property in the PO20 area are catching the wind and soaring, while others are hovering a bit closer to the grass.
Did you know that the "Big Bosses" at the Bank of England—the ones who set the UK interest rates—actually have a huge say in whether you can afford that extra bedroom in Runcton? Right now, the base rate is sitting at 3.75%. That might sound like a boring number, but it’s like the weight on the end of a kite string. Because it’s a bit higher than it used to be, people are being much more careful about what they spend.
The Price Tag Peek
If we look at what’s happening in our lovely villages, the price gaps between different types of homes are quite surprising. Imagine you’re shopping for a new home today:
- Detached Houses: These are the kings of the castle, with an average asking price of £507,044.
- Semi-Detached: These usually offer a bit more breathing room than a terrace, priced at £351,763.
- Terraced Homes: A great way to get a garden in places like Woodgate, averaging £295,208.
- Flats: The most affordable way onto the ladder at £184,181.
Here’s a "did you know" for you: the price jump from a terraced house to a semi-detached is about £56,000. That’s roughly the cost of 14 brand-new family hatchbacks just to get that one extra wall of privacy!
The 7-Year Time Machine
This is where it gets really interesting. If we hopped in a time machine back to 2019, the PO20 landscape looked very different.
If you bought a semi-detached home seven years ago, you’d be smiling today because your home is worth about £6,613 more now. Owners of detached homes have seen a smaller bump of £1,888.
But wait—have a look at flats and terraces. People who bought a flat seven years ago might find their home is worth about £11,728 less than what they paid. It’s like buying a vintage toy that hasn't quite become a collectible yet. Why? Well, nationally, inflation (which is how fast the price of milk and bread goes up) is at 2.8%, and while people's wages are growing by 3.5%, it’s still a bit of a squeeze. When money is tight, people often skip the "starter flat" and try to save longer for a house with a front door and a bit of lawn.
What Does This Mean for You?
We are currently in what we call a "Buyer's Market." With about 16 months of homes sitting on the shelves, there’s no rush. You have the power!
- If you own a Detached home: You’re holding the most popular prize. While growth is slow, your home is holding its value much better than smaller units.
- If you own a Flat: It might feel a bit disappointing to see that minus sign, but remember, if you’re selling a flat to buy a house, the house price hasn't rocketed away from you either!
- First-time Buyers: You are in the driving seat in PO20. With flats and terraces costing less than they did seven years ago, you can snag a bargain that would have cost your older siblings much more.
Looking Ahead
As we look towards next year, the "Semi-Detached" seems to be the sweet spot. It’s the "Goldilocks" of PO20—not too expensive like the big houses in Lock Lane, but more stable than a flat. With mortgage approvals steady at 58,200 across the UK, people are definitely still moving; they’re just being very picky about getting the best deal.
Whether you're in East Wittering or Woodgate, the market isn't a scary monster—it's just shifting its weight. If you're curious about what your specific front door is worth today, pop in for a chat!