Monday 9 November 2015

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Chichester, £180,000, 5.2% yield

Summary:
2 bed flat in Chichester
Listed for sale on 04/11/15 @ £180,000
Rent = £775pcm
Yield = 5.2%
Last sold in June 2014 for £166,500 (+8.1% in 1 year)

chichester flat front


loungekitchen









This good sized two bedroom flat in the Portfield area of Chichester has just come to the market. It is in excellent condition throughout; complete with double glazing a modern kitchen and bathroom with shower, although the lack of gas central heating is a negative.

It was only sold last June (for £166,500) representing an 8.1% increase in price in just 17 months. Looking at it longer-term, it has seen a 38% rise in price since it was sold for £130,000 back in 2006.

It is amongst the cheapest two bedroom apartments available in Chichester so offers a good gross yield of 5.2%, based on renting at £775pcm. As with all flats though, you need to factor in the ground rent and service charges, which bears a large weight on your overall return. In this case the lease has a solid 97 years left, whilst paying the annual £10 ground rent and £600 service charges will bring your rental return down to 4.8%.

Full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-55853057.html

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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.

Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:

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Location: Chichester, Chichester, West Sussex, UK

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