Summary:
2 bed mid-terrace house in Fishbourne
Listed for sale on 17/10/15 @ £215,000
Rent = £895pcm
Yield = 5.0%
Last sold in May 2007 for £189,950 (+13% in 8.5 years)
New to the market this week is this two bed mid-terraced house in Fishbourne.
For longer-term readers, this property should look like an ideal local buy-to-let; a relatively rare and highly sought after two bedroom house in a nice area (Fishbourne) that is seemingly set to grow in popularity (and perhaps price).
It is reasonably neutral throughout...other than that kitchen. That kitchen...wow! It's a shame someone has presumably spent a tidy sum on this 'bespoke' kitchen....which frankly will put off buyers and tenants. Hopefully the carcasses are sound and then you can just change the doors, which seems a waste but seriously....a yellow kitchen!?!
I personally don't like how the agent has marketed it - using a descriptive style supposably to set the mood for the 'aspirational lifestyle' of owning the property. Frankly, this is a functional starter property. The agent doesn't mention it has double glazing, gas central heating, two decent sized bedrooms and an upstairs bathroom. There is also a garden and allocated parking.
What with the way it's been marketed, the fact it is now empty and that yellow kitchen, a deal could be on the cards for a property that I feel is already keenly priced at £215,000, considering in the past year similar two bed houses on the same street have sold for £228,000, £227,000 and £227,500 respectively.
With two bed houses ever-popular amongst tenants and a considerable lack of supply locally, I think £895pcm should be achievable (a slightly nicer end-terrace with a cloakroom is currently on at £925pcm). At the conservative rental figure, you would achieve a decent 5% yield from a freehold property that has proven its ability for capital growth, having increased 13% since the 2007 'peak' in property prices.
Full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-37023234.html
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