New to the market this week is a two bed house situated in the popular Arundel Park estate in Chichester.
Longer-term readers will know that I often say how reasonable value two bed houses in Chichester are a rarity; so this is an obvious purchase for a prospective landlord.
It appears to be in a good ready-to-rent condition, with modern kitchen and bathroom, gas central heating and double glazing. Whilst it has parking to the front it does lack a garage in a block, which the majority of two bed houses in this area have.
As such, I'd like to get a little off the £215,000 asking price, particularly considering that represents a 33% increase from when the current owners bought it in March 2011 for £161,500 (the average terrace house in Chichester has risen 17% in the past five years). Anecdotally, I also saw these selling for £190,000-£200,000 last year (with a garage) but such is the market and lack of supply of low-end two bed houses that they have jumped to the £200,000-£220,000 price range more recently. This demonstrates the popularity of the area, type of property and the positive outlook for future capital growth.
With good quality two bed houses available to rent in short supply, I don't think you'd have any trouble renting this house quickly for around £850pcm, which would provide a solid 4.7% yield.
It is on the market with Purple Bricks and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-52756189.html
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