Monday, 29 January 2018

BUY-TO-LET DEAL OF THE WEEK:2 bedroom house in Chichester, £230,000, 4.4% yield

Whyke Marsh, Chichester
2 bedroom house in Chichester
Listed for sale on 12/12/17 @ £239,995
Now = £230,000
Rent = £850pcm
Yield = 4.4%

Last sold for £164,950 in November 2011 (+39% in 6 years)
Reduced in price by nearly £10,000 this week is this two bedroom house in Chichester. That 8% price drop brings the asking price to £230,000, from the previously advertised £239,995, just six weeks after first being marketed.

The property is a great size and in fantastic condition, being only a little over six years old. It has double glazing, gas central heating, two double bedrooms and a modern kitchen and bathroom. It has the added bonus of a garage too. All this sounds great...the issue being that it's not a 'house' in the conventional sense, but a 'coach house'. This means the living space has the layout of a flat (being all on one level, above a garage), albeit it has it's own private entrance. The main problem being it lacks a garden, which is a significant draw for many people who think of a 'house' rather than a 'flat'.

Fortunately it is freehold though, so a lot of the financial penalties of owning a flat are negated, although being on a relatively new-build site means it still comes with a service charge.

The excellent presentation, size and added bonus of a garage should still see it being a desirable property to tenants though and I think a rental figure of £850pcm would be fair, bearing in mind it might be seen as a 'nice flat' rather than a house, due to it's layout and lack of garden.

My other slight gripe is that the asking price is some £65,000 (39%) more than it was previously sold for just six years ago. Having said that, prices were in the gutter back then after the credit crunch, and prices as a whole in Chichester are up around 36% in the same timeframe so maybe that's just something today's buyers will need to swallow, as it seems to be a fair price in the current market.

It is on the market with Sims Williams 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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