Why The Meadows might be my favourite estate in Chichester

I’ve recently been trying to help a landlord find another buy-to-let to add to the house he owns in The Meadows in the Donnington area of Chichester.

The landlord believes that a modern two or three bed house in or around Chichester would best suit his property investment requirements. The problem has been finding a suitable property that both matches that description, the budget and feels right to him.

Quite naturally, everything comes back to a comparison of the three-bed detached house he already owns in The Meadows. When bought, it had strong demand from tenants (let agreed within 48 hours) and produced a decent yield (circa 4.2%) from an immaculate property that should suffer from less maintenance issues due to its relatively young age.

The Meadows estate in Donnington was built in 2005/2006, consisting of just 24 houses in The Meadows and 23 houses in Deer Close (note: neither road has a number 13).

Being less than ten years old means the properties themselves remain modern inside, with white-suite bathrooms, an en-suite and modern kitchens, albeit not with the ultra-slick gloss units many new-build homes come with today.

Unlike most new-build sites though, The Meadows is a spacious development with good sized rear gardens and plentiful parking as each house benefits from a driveway and/or garage. The majority of the houses are detached, which adds to the feeling of space and privacy that is so often lost on new-build developments that tend to favour terraced properties with on-street parking to maximise their usage of land.

Donnington itself is an area I’ve spoken of positively in the past, with property being cheaper than in more ‘central’ Chichester, whilst in fact The Meadows is just 1 mile from Chichester railway station and has immediate access onto the A27.

The most recent sales on the estate have all been three-bed detached houses, bought for £299,950, £292,000 and £271,500. Able to achieve a rent of around £1,050 - £1,100 per month, this would result in the properties providing a yield of around 4.2% - 4.6%, based on their purchase price.

What’s also interesting to note is that these sale prices are just 6% and 8% more than when they were purchased new in 2006, whilst the third sale mentioned sold for 9% less than its original price!

It seems to me that The Meadows estate offers good value in today’s market. Put it this way; I searched on Rightmove for a three-bed detached house within 1 mile of Chichester’s railway station and couldn’t see anything that offers the space and desirability of a property on The Meadows estate at a similar price.

If you’re thinking of selling on The Meadows and would like me to put you in touch with my ready-to-buy landlord, free of charge, please get in touch.

Clive Janes, CRJ Lettings

www.crjlettings.co.uk

01243 624 599 / clive@crjlettings.co.uk

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If you are looking for an agent that is well-established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.

E-mail me on clive@crjlettings.co.uk or call 01243 624 599.

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