BUY-TO-LET DEAL OF THE WEEK: 2 bed house in Chichester, £255,000, 4.4% yield
Summary: 2 bed house in Chichester Listed for sale on 22/04/16 @ £270,000 Now = £255,000 Rent = £925pcm Yield = 4.4% Last sold in Feb 2013 for £180,000 (+42% in 3 years)
This two bedroom end-terrace house has just been reduced from an overly expensive £270,000 to a more reasonable £255,000. It's of a decent size and has been finished to a nice standard, so should be ready to rent out immediately, and has the all-important (and expensive to fit) double glazing and gas central heating. Centrally located and with the added bonus of a detached garage, it should rent for around £925pcm (the median rent for a two-bed house in Chichester), which would produce a decent yield of 4.4% from a freehold property.
Longer-term readers might be bored of me banging on about buying two-bed houses all the time, but this property is a case in point: it's risen in value 42% since they bought it for £180,000 just a few years ago. And that is symptomatic of all the two-bed houses in Chichester, with even the cheapest two-bed houses located on Arundel Park now fetching £220,000+ when they were available for around £180,000 just 18-24 months ago.
The cheapest two-bed house available on the market in Chichester is now £229,950 and interestingly, it's on the same street as this one. But at just 607 square feet (£379 per square foot) and with it's only bathroom only accessible via a bedroom, paying more for this more modern and larger (783 square feet / £326 per square foot) house, with the bonus of a garage, is actually the better bet in my opinion.
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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