Monday 20 August 2018

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £285,000, 4.4% yield

3 bed house, Lime Close, Chichesterloungekitchen

3 bed house in Chichester
Listed for sale on 10/08/18 @ £285,000
Rent = £1,050pcm
Yield = 4.4%

Last sold for £180,500 in 2003 (+58% in 15 year)

I visited Lime Close in Chichester recently to undertake a 'market appraisal' (otherwise known as a valuation). The property prices and rents are cheaper in this street than the average in Chichester, and yet the houses are of a good size and are on the doorstep of the city centre.

This three-bedroom house is no different; and it also happens to be in excellent condition, with a modern bathroom, kitchen and neutral décor. With two double bedrooms and a decent sized single it offers a good amount of space, alongside a private garden and garage.

Whilst a few in the street are let to students, I think this house would perfectly suit a family looking to live in a reasonably central location. It should rent for £1,050pcm (helped by the fact it has a garage), although it's in such good condition you might even squeeze it to £1,100pcm with some clever marketing (which I believe to be a high for the street, excluding student lets). With the average three-bedroom house in Chichester up for rent at £1,200pcm that still offers decent value to prospective tenants. The more conservative figure of £1,050pcm would still provide a decent 4.4% yield from a freehold house seemingly in little need of additional expenditure.

Meanwhile it's been in the current owners possession for 15 years, in which time they've seen its value rise by 58%; from £180,500 in 2003 to the asking price today of £285,000. I often say three-bedroom houses in Chichester under £300,000 are worth a look and whilst there's quite a few more on the market that match that criteria right now, this one is amongst the more spacious, centrally located and in good condition three-bedroom house available to buy in Chichester.

The property is on the market with Bell & Blake 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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