BUY-TO-LET DEAL OF THE WEEK: 1 bed flat in Chichester, £130,000, 6.2% yield
Summary: 1 bed flat in Chichester Listed for sale on 11/01/16 @ £140,000 Now £130,000 Rent = £675pcm Yield = 6.2% Last sold in October 2004 for £125,000 (+4% in 11.5 years)
I last featured a low-entry one bed flat like this last August.
This one bed flat in Arundel Park is a very similar story - a decent yield (6.2%) from the cheapest standard construction property you can buy in Chichester but at the expense of future capital growth.
It was purchased some 11 years ago and let ever since...yet in that time, whilst prices in Chichester have risen 35%, this flat has gone up a mere 4%! All the while the length of lease has been ticking down (check this as some in this area are starting to get low and can be costly to extend).
The appearance is nice from the outside, with it being a maisonette rather than in a block, but inside it appears it could do with updating the kitchen and maybe bathroom (as it's not been photographed).
Having been reduced in price by £10,000 and renting for around £675pcm, it offers a decent purchase if yield is your thing and you're on a tight budget, but I still believe it will continue to suffer from a lack of capital growth compared to the wider market.
It is on the market with Cubitt & West and full details can be found on Rightmove via the following link:
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.
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