Monday, 19 March 2018

BUY-TO-LET DEAL OF THE WEEK: 2 bedroom house in Lavant, £235,000, 4.6% yield

2 bed house, Bleaches Court, Lavant lounge kitchen

Summary:
2 bedroom house in Lavant
Listed for sale on 01/03/18 @ £235,000
Rent = £895pcm
Yield = 4.6%
Last sold in March 2008 for £225,000 (+4% in 10 years)

I don't often look to Lavant when searching for buy-to-let properties. That's not because Lavant isn't a nice place to live - it is - but, there aren't many rental properties in the village; traditionally it's a place for owner-occupiers rather than renters. I highlighted this back in 2015 when I wrote about Lavant's property market(http://chichesterproperty.blogspot.co.uk/2015/11/lavants-property-market.html).
This nicely presented and relatively modern two-bedroom house however is worth a second look. Priced at £235,000 it offers good value compared to the two-bedroom houses in nearby Chichester. Considering the house is only ten years old and needs no work for it to be let to tenants, it could make a decent low-effort investment for someone.

As I said in the article back in 2015 though, it's notoriously difficult to value properties in Lavant for the rental market, such is their limited supply. Based on this property's condition and size though (and having let a house nearby recently), I feel around £895pcm would be a reasonable figure to aim for. If achieved, it would provide a very solid 4.6% rental return.

It's also interesting to note that in the ten-year period since it was last sold it's only increased in value by 4%! Considering it was sold in the credit-crunch fuelled slump of 2008, that's quite remarkable. In fact, it was previously sold for just £101,250 in March 2008...but that was only a 45% share of the property (meaning it was fully valued at £225,000).


It is on the market with Bell & Blake and full details can be found on Rightmove via the following link: www.rightmove.co.uk/property-for-sale/property-71787128.html

If your 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.

E-mail me on clive@crjlettings.co.uk 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


Chichester rental valuation


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Location: Lavant, Chichester, UK

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