Monday, 7 May 2018

BUY-TO-LET DEAL OF THE WEEK: 2 bedroom house in Chichester, £250,000, 4.4% yield

2 bed house, Phoenix Close, Chichester, West Sussexkicthenlounge
2 bedroom house in Chichester
Listed for sale on 05/04/18 @ £265,000
Now = £250,000
Rent = £925pcm
Yield = 4.4%

This two-bedroom house close to Chichester's city centre is familiar to me, having let a neighbouring property last year and managed it thereafter. They are very sweet houses, with good sized rooms (including two double bedrooms) in a quiet cul-de-sac, with private rear gardens and plenty of parking opposite.

At £250,000 (having been reduced from £265,000) they offer very decent value for money in the scheme of things (the average two-bedroom house in Chichester costs £300,000). Its location amongst council and social housing is what restricts the price of houses in the area, but from a tenants point of view they are both popular and affordable, with a likely rental figure of £925pcm (whereas the average two-bedroom house in Chichester rents for £975pcm).

For investors, that means a relatively low-entry point for a freehold property in Chichester (it's the third cheapest freehold property currently for sale in Chichester), along with a 4.4% rental yield.

It's also in reasonable condition throughout, with a modern enough kitchen/diner leading out to a small but functional conservatory. My only concern would be the bathroom...which is currently a wet room. This is not ideal, neither from a maintenance point of view (higher levels of moisture, condensation and damp) nor from a desirability perspective (they're seen as a little...unattractive). I'd therefore suggest a replacement bathroom; a bath with shower above being perfect for a young couple with a baby (a young professional couple is the likely target tenant).

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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