Summary:
3 bedroom house in Chichester
Listed for sale on 14/04/18 @ £325,000
Now = £300,000
Rent = £1,150pcm
Yield = 4.6%
Last sold in 2010 for £210,000 (+43% in 8 years)
3 bedroom house in Chichester
Listed for sale on 14/04/18 @ £325,000
Now = £300,000
Rent = £1,150pcm
Yield = 4.6%
Last sold in 2010 for £210,000 (+43% in 8 years)
This three-bedroom house in Chichester offers excellent 'bricks for your buck' value. At £300,000 it is towards the lower end of the spectrum in regards to the price of three-bed houses in Chichester, and yet it offers a generous 1,092 square feet of floor space due to it's three-storey layout.
I let an identical property last year for £1,150pcm. I'd actually hoped to get £1,200pcm for it, but there happened to be three on the same row all available at the same time! I still managed to get £50pcm more than another agent got for the one next door though ;)
So, based on a rental figure of £1,150pcm, that would mean a very decent 4.6% rental return from a freehold property close to St. Richard's Hospital i.e. in a good rental area.
The house is reasonably modern too, with double glazing, gas central heating, a downstairs shower room, family bathroom and en-suite. The kitchen is a little small but is still modern enough to not warrant being replaced - when it does though it would be very easy (and sensible) to knock through into the lounge, taking some of the space and creating a good-sized kitchen/diner.
Fundamentally this is a house in a decent location, offering good space and is available at a great price. A good rental yield can be achieved in the short-term, whilst there's scope to further improve the property, and it's value, in the long-term. Whilst you may think the 43% increase in price since the previous owner paid £210,000 in 2010 is a big jump, it is in keeping with house price movements since then in Chichester. Furthermore, if you go back further this house actually sold for £241,400 in 2005; so it's actually only gone up 24% in 13 years!
The property is on the market with Cubitt & West and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-72575051.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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