Monday 27 November 2017

BUY-TO-LET DEAL OF THE WEEK:3 bedroom house in Chichester, £275,000, 4.6% yield

3 bed house, Lime Close, Chichester
3 bedroom house in Chichester
Listed for sale on 19/11/17 @ £295,000
Now = £275,000
Rent = £1,050pcm
Last sold for £210,000 in May 2006 (+31% in 11.5 years)
Yield = 4.6%
I spotted this property a few days ago when it first came to the market at £295,000. A three bedroom house in seemingly good order, close to Chichester's centre, for under £300,000 is always worthy of further investigation. By the time I got round to writing up my thoughts and made it this week's buy-to-let deal though, things have gotten even better - with a £20,000 reduction just three days after first listing, so it is now for sale at £275,000.

That is quite simply a cracking price for a property that is in very good condition, with a reasonable kitchen and modern shower room (note shower room i.e. there's no bath, which could be a hindrance to what should be deemed a family home as young children usually need a bath tub). It has good sized rooms; two double bedrooms and a single bedroom upstairs and a kitchen/diner downstairs with a separate lounge and conservatory. It also has double glazing and gas central heating throughout.

It should rent quickly for around £1,000pcm, with the garage fetching a further £50pcm. That monthly total would provide a great 4.6% yield based on paying the full asking price. It is likely to rent to families (as mentioned) or young professional sharers, what with the house being close to Chichester's City centre and St. Richard's Hospital.

Considering the current owner paid £210,000 back in May 2006, a mere 31% increase in only a decade suggests this house hasn't erupted in value compared to an average increase throughout Chichester of 51% in the same timeframe. Offering over 1,000 square feet of living space it certainly seems to offer tremendous value, whether it be to an owner-occupier or a landlord looking for a buy-to-let investment here in Chichester.

It is on the market with Kenton Budd and full details can be found on Rightmove via the following link:

If you are looking for an agent that is well-establishedprofessional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.

E-mail me on or call 01243 624 599.

Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP


Rental valuation

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