New to the market this week is a four bedroom mid-terrace townhouse in Tangmere, which is just to the East of Chichester and an area I have often said is one of my preferred local areas for buy-to-let.
This is because there are a lot of new-builds being developed in Tangmere, which brings new infrastructure and amenities and should 'lift' the overall appeal of the area. Pre-owned stock starts to look good value too when you compare it against the inflated new-build prices; this three/four bedroom house with a garage is only around 10% more than a new-build two bedroom house without a garage.
Longer term readers may remember I wrote a specific article about townhouses in Tangmere last year - "Which townhouse in Tangmere is the best".
Using that research we can see that this particular Tangmere townhouse is coming to the market at a realistic price (£289,950), which is in fact only 5.5% more than the £275,000 the current owner paid just two years ago. It also means that you should be able to achieve a decent 4.6% yield from what is a modern property, which should appeal to families. That is based on paying that full asking price and achieving £1,100pcm - a reasonably strong rent for the area, but considering this could be seen as a four bedroom house it would be cheap compared to what is available in nearby Chichester (where the average four bedroom house rents for £1,495).
Even as a three bedroom home (the fourth bedroom is very small and is on the ground floor) the property is a good size, plus has the benefit of the garage, so I think this house would rent quickly. It also has the benefit of having a minimal amount of work to do prior to letting.
Again, looking at the new-builds nearby, those two bedroom houses without garages are renting for around £995pcm - so this should look like a logical next step for those looking for more space and/or bangs for their buck.
It is on the market with Henry Adams and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-65757929.html
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