BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £260,000, 4.5% yield
Summary: 3 bed house in Chichester Listed for sale on 20/06/16 @ £260,000 Rent = £975pcm Yield = 4.5% Last sold in January 2008 for £207,000 (+26% in 8.5 years)
New to the market this week is a three bedroom house in Barnfield Drive in Chichester, just behind St. Richards Hospital.
That location makes it an ideal rental for workers at the hospital, be it sharers or a family. The room sizes are generous and the property is in good condition, complete with gas central heating and double glazing. It has a modern kitchen and bathroom whilst it is neutrally decorated throughout, so no money needs to be spent on the property.
It is currently rented out at £900pcm, meaning you could receive rent from day one, assuming those same tenants want to stay (and are paying their rent). That rental figure seems a little low, considering the cheapest three bedroom house in Chichester is currently marketed at £900pcm and this one is both larger and in better condition. I would expect a rent of £975pcm on the open market, which would result in a yield of 4.5% if paying the full asking price of £260,000.
That asking price is an increase of 26% compared to what the current owner paid (£207,000) in January 2008. Considering that was close to the recent peak in prices, it shows the resilience of the Chichester property market, as well as the strong capital growth you can expect from this particular property.
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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