Summary:
3 bedroom house in Westhampnett
Listed for sale on 29/03/18 @ £339,950
Now = £325,000
Rent = £1,100pcm
Yield = 4.0%
Last sold in 2001 for £195,000 (+67% in 16 years)
3 bedroom house in Westhampnett
Listed for sale on 29/03/18 @ £339,950
Now = £325,000
Rent = £1,100pcm
Yield = 4.0%
Last sold in 2001 for £195,000 (+67% in 16 years)
From a rental return point of view though an expected rent of £1,100pcm (another one in the row has just been let for £1,100pcm) only returns a 4% rental yield based on paying the full asking price. Whilst I know of many landlords not even achieving 4% on new purchases, longer-term readers of my buy-to-let deals of the week will know that figure is at the low-end of the scale of the properties I tend to highlight.
Never the less, the quality of the property internally, the size of the rooms and the decent purchase price could still make this a good value proposition for a long-term investor. With the size of accommodation on offer I'm surprised the rent achieved by the other agent recently wasn't slightly more than £1,100pcm, which I guess shows the drop in rents across the board within Chichester at the moment. It could also mean though that when things 'normalise' a little, the rent has the chance of approaching £1,150pcm-£1,200pcm (which I've previously let similar properties for) and thus that rental yield could improve to 4.2%-4.4%; which is more in line with expectations of yields in and around Chichester for single-let freehold properties.
The property is on the market with Charles Peck and full details can be found on Rightmove via the following link: www.rightmove.co.uk/property-for-sale/property-72311648.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
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