Monday, 2 April 2018

BUY-TO-LET DEAL OF THE WEEK: 2 bedroom house in Tangmere, £200,000, 5.1% yield

2 bed house, Churchwood Drive, Tangmere, Chichester, West Sussex kitchen lounge

2 bedroom house in Tangmere
Listed for sale on 28/03/18 @ £200,000
Rent = £850pcm
Yield = 5.1%
Last sold in 2001 for £87,950 (+127% in 17 years)

This two-bedroom house in Tangmere could make an egg-ceedingly good addition to a buy-to-let portfolio this Easter. I've often said that Tangmere is an egg-cellent location, having direct access to the A27, a growing population with new homes improving the area (and increasing the local property prices), yet still offering more bricks for your buck than nearby Chichester.

I'm sure the current owner must be egg-static too. They purchased the house for just £87,950 in 2001; showing the eggs-plosive rise in house prices since the turn of the millennium. That's an egg-ceptionally strong return of 127% in 17 years!

Even so, I think this house, now priced at £200,000, is a 'cracking' deal, considering a property nearby that's eggs-actly the same (but in not as decent condition) is listed as sold with an asking price of £220,000, whilst another nearby has sold for £240,000, albeit it has gas central heating and a garage.

The house has good sized rooms, with two double bedrooms and a reasonably modern kitchen/diner. There's no photo of the bathroom, so I wonder what condition that's in, and whilst it has double glazing it would be good to eggs-plore the possibility of installing gas central heating to the property.

I think it would be eggs-tremely popular with potential tenants and would rent for around £850 per month. That would provide a very decent 5.1% rental return from a freehold property that is likely to provide good scope for capital growth in the future too.

I'm not eggs-aggerating to say if I were looking to invest £200,000 in a local property, this could be one of the best deals out there.

If you'd like an eggs-pert opinion on a buy-to-let property you're thinking of purchasing, please get in touch and I'll be 'hoppy' to help!

(Please eggs-cuse me if you're a little eggs-hausted by all the egg puns, I'm a bit of a practical 'yolker' at heart and I guess I'm just a little egg-cited about Easter - I'm not sure it was even 'bunny' after the first few....)

The property is on the market with Cubitt & West and full details can be found on Rightmove via the following link:

If your 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

Chichester rental valuation

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