Where priced-out families are moving for bargains

Hidden gems can be worth uprooting to for similar vibes but more value. By Ruth Bloomfield

Summersdale, north Chichester

Buying a townhouse within Chichester’s city walls has become an expensive business, with fourbedroom homes listed for in excess of £1.6m.

While splendid, these homes do come with some disadvantages – there is no parking and they have tiny courtyard gardens.

As a result, families have been priced out and instead have headed north in search of value for money and more family- friendly homes, says Jennie Hancock, of buying agent Property Acquisitions.

“Just a mile away, Summersdale is attracting Chichester buyers for its excellent value – it is around 15pc cheaper – and proximity to the city centre on foot or bike, with excellent bus services.

“Buyers can get larger homes on more spacious plots, often with a garage and parking, which in Chichester are very expensive luxuries.

“It has good local facilities and if you have a dog there are miles of open countryside on the doorstep.”

According to data from estate agent Hamptons, average sale prices in central Chichester, where there are more flats, stand at £449,470.

In Summersdale, where the stock is mostly larger houses, average prices stand at £568,000.

Property hotspots are created slowly. Overlooked postcodes evolve into sought- after destinations, creating a ripple effect as buyers priced out of one area start to look for a nearby alternative that gives more bang for their buck.

This ripple of demand gradually heats up new markets, pushes prices up and, over the course of time, the second- choice locations become almost as popular as their original rivals – sometimes more so.

As those new areas become more popular and pricey, buyers push out further and so the cycle continues. Catching the wave is a smart way to invest in property, because buying into a new area just as it starts to rise in popularity offers the promise of long-term capital growth.

And with higher interest rates restricting buyers’ budgets, new hotspots are opening up all over the country. To find the newest ripple effects we did a straw poll of estate agents to find the most popular spots, and cross-referenced that with market data.

Here are the places where values could rise as buyers pile in for more value for money.