Shared Ownership Valuation in Chichester

A shared ownership valuation works differently from a standard mortgage valuation in a few key respects. Because you own a percentage of the property through a housing association, the figure has to reflect the full market value of the whole home, not just the share you hold. That matters for staircase transactions, for selling your share on the open market, and for remortgage checks carried out by your housing association. We also look at the remaining lease term, ground rent provisions and any service charges that could affect how readily the property can be sold.

Our RICS registered valuers in Chichester have wide experience with shared ownership homes across the city and the surrounding area. Lavant, West Broyle and the city centre can all call for different valuation judgements, depending on location, property type and the lease terms agreed with the housing association. West Broyle, especially the PO19 3GW and PO19 3FU postcodes, has seen newer schemes such as The Cricketers and High Meadow, both of which matter when we compare evidence. We also work regularly with housing associations in the area, including Clarion, Hyde, Optivo, Sovereign and others.

A proper valuation starts with a full inspection of the property, then moves on to comparable sales analysis for similar homes in the Chichester area, and, where relevant, a check of the potential rental income. For staircasing, we prepare detailed reports that housing associations accept for their internal processes, which keeps things moving whether you are buying more shares or selling the one you already own. We also look at cladding and building safety matters that may affect mortgageability, especially now that building safety regulations continue to change.

There were 384 residential property sales in PO19 over the last year, which is 140 fewer transactions than the year before. Even so, Chichester city recorded a small rise in activity in 2024, with Q2 2024 posting 538 property sales against 367 in Q2 2023. Our valuers take that live market picture into account before setting a figure.

• Full market value assessment
• Staircasing valuation reports
• Housing association compliance
• Quick turnaround times
• RICS regulated processes

Chichester’s market has a few features that shape shared ownership work. Employment stands at 80.3%, comfortably above the West Sussex average of 76.3% and the South East figure of 74.5%, yet average property prices sit at 8.5 times local earnings, which helps explain why shared ownership remains popular. Unemployment is only 2.7%, below the regional average of 6.1%. New build schemes like Rosebrook on Broad Road and The New Fields from Redrow have also expanded the stock available, with Rosebrook homes ranging from £345,000 to £550,000 across different house types.

Local ground conditions matter too. Chichester sits on Cretaceous chalk with overlying clay deposits, so some homes can be prone to shrink-swell movement, particularly where mature trees are close by. Much of the bedrock is covered by Quaternary deposits, including extensive brickearth, gravelly peri-glacial deposits, alluvium and river terraces. We factor those conditions into our valuations because they can influence lender decisions and insurance requirements, and properties with significant tree coverage need especially close attention.

Inside the city walls, conservation areas and historic buildings need a careful eye. Homes in these parts of Chichester often come with restrictions that affect both value and marketability, including listed building status, planning controls and extra maintenance obligations. Our valuers know how to reflect those points properly in the report, so housing associations and lenders can see the full picture. As a cathedral city with many conservation areas and listed buildings, Chichester brings a few more layers to the valuation than a newer market town might.

Chichester Harbour brings another set of considerations, mainly around flood risk. The city centre is not normally hit by significant flooding, though homes closer to the harbour may need a more detailed check. Coastal erosion and accretion have both shaped the harbour over time. We build those environmental factors into our valuation reports where they are relevant.

• Conservation area restrictions
• Listed building considerations
• New build warranty periods
• Ground rent and lease terms
• Service charge assessments
• Coastal flood risk awareness

Our work on shared ownership properties in Chichester throws up a few recurring issues. Older developments can have cladding or fire safety concerns that lenders view unfavourably, especially after the Grenfell tragedy and the regulatory changes that followed. We deal with those matters carefully and note them in the report where they matter. That is especially important for flats, which make up most of the sales in the PO19 postcode area.

Chichester’s geology can also influence the result. The chalk bedrock and clay deposits around the city can contribute to subsidence or heave in some homes. Where we see cracking, signs of movement or properties close to substantial tree cover, we take a closer look. Silty and sandy clays sitting over the chalk mean shrink-swell movement is possible, particularly in periods of drought or heavy rainfall. Where structural concerns show up, we recommend the right investigations.

Lease terms are not the same from one housing association or development to the next. Some leases contain escalating ground rent clauses that can affect both value and mortgageability. Our reports examine the lease in detail and highlight any clauses that lenders or housing associations may question. We have dealt with many of the lease structures that are common in the Chichester area.

Damp and mould growth are among the more common defects we see in Chichester, particularly in older conversion flats. Water leaks and flooding can affect homes in certain areas, especially those near the harbour. Broken boilers and heating systems also come up regularly, along with structural issues in period properties affecting walls, floors or roofs. If something is visible, we will note it in the report and state whether further investigation may be needed.

• Cladding and fire safety
• Ground rent escalation
• Lease extension costs
• Service charge disputes
• Structural movement indicators
• Damp and condensation

Our shared ownership valuation service covers the whole of the Chichester district and the surrounding West Sussex area. We value homes in the city centre, West Broyle, Lavant and the different new developments across the PO19 postcode. Whether the property is a modern flat near Chichester Station or a terraced house in one of the conservation areas, our local knowledge supports an accurate assessment. In the PO19 5 postcode sector, house prices fell by 0.4% in the last year, while PO19 overall rose by 2.26%.

Shared ownership homes in the smaller West Sussex towns and villages around Chichester often need a different kind of valuation judgement. Areas such as Bognor Regis, Selsey and the coastal villages have their own market patterns, shaped by their proximity to the coast and by different transport links. Our valuers work from detailed local data so the valuation is right whatever the location. Chichester’s role as a cathedral city and the least affordable area outside London for first-time buyers also has a bearing on values across the wider region.

The wider West Sussex area has a broad mix of property, from coastal flats in Bognor Regis to period homes in Arundel and contemporary houses in Emsworth. Each place has its own market rhythm, and our valuers understand the differences. We cover all the major housing associations operating in the region and know the specific report requirements they tend to use. Because we are local, we can often turn work around faster than national providers.