New to the market this week is a three bedroom semi-detached house in Chichester, specifically aimed for sale to investors. This is because it comes with tenants in situ; student tenants paying "approx over £1000pcm" (whatever that means), until August 2018.
That gives it a 4.1% yield from day one, based on paying the full asking price of £289,950. That seems a little steep considering it was previously purchased for just £180,000 six years ago, which would equate to a 61% increase in that time. The most recent sales on the street were in the £270,000 mark around a year ago and long-term Chichester Property News readers will know house prices have been reasonably flat since then.
I'm also not sure who chose to let it to students for £1,000pcm, when you could achieve roughly that figure from young professionals or a working family, considering the house's decent size, location and the inclusion of a garage. Students typically pay (alot) more than the standard going rate to take into account their transient nature i.e. frequent change of tenancy, and the higher wear and tear on a property.
There's not too many internal photos but digging out the floorplan and details from the 2011 sale shows it to be in an OK condition throughout and it has a modern kitchen, double glazing and gas central heating, so many of the expensive jobs are sorted.
It is on the market with Selsey Properties and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-65602298.html
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