Monday, 25 June 2018

BUY-TO-LET DEAL OF THE WEEK: 2 bedroom flat in Tangmere, £190,000, 5.2% yield

2 bed flat, Hampton House, The Boulevard, Tangmere, ChichesterloungekitchenSummary:
2 bedroom flat in Tangmere
Listed for sale on 05/04/18 @ £200,000
Now = £190,000
Rent = £825pcm
Yield = 5.2%

Last sold for £166,000 in 2010 (+14% in 8 years)

This lovely two-bedroom apartment in Tangmere would make a fine buy-to-let investment. As the price of two-bedroom houses in Tangmere has continued to rise (the cheapest on the market is now £230,000), some buyers will have to slip down to a leasehold apartment rather than a freehold house.

With large rooms, a modern kitchen and bathroom plus an en-suite to the master bedroom, I don't think buyers would feel short-changed with this apartment. It is being marketed at £190,000, having been reduced by £10,000 since first being listed in April.

Considering that's just 14% more than in 2010, when it was built and first sold for £166,000, that's a very decent price (considering the rampant growth in house prices since 2010). Furthermore the price is attractive compared to the most recent sale in the block - a similar property selling for £195,000 in December 2017. And, when you look at the new-build estates in Tangmere, two-bedroom apartments are selling for £220,000 without an en-suite.

An attractive property in a good location should find tenants relatively easy to come by, at around £825pcm I would think. That would provide a very decent 5.2% rental return, before factoring in those leasehold costs.

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

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 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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