BUY-TO-LET DEAL OF THE WEEK: 2 bed house in Chichester, £219,950, 4.8% yield

Summary:
2 bed house in Chichester
Listed for sale on 05/09/18 @ £219,950
Rent = £875pcm
Yield = 4.8%
Last sold for £68,500 in 1998 (+221% in 20 years)

New to the market this week is a two-bedroom 'mews' house in Chichester. A mews house normally means the houses have no front gardens so looking at the photos I'd really call this a 'cluster' house, which are attached back-to-back and therefore don't have a rear garden. At first glance they appear to look like a block of flats but with accommodation on two floors, but as they are freehold they qualify as a house.

In fact, this is currently the cheapest freehold property available on the open market in Chichester. But, as per the above you'll need to think of it more as a flat but without the ground rent and service charge. Having said that, as there are communal gardens surrounding the property you'll need to check if there is in fact a service charge attached to this.

It will also mean you'll need to value it for the rental market a little like it was a flat, as one of the main draws to a 'house' in tenants eyes is a private garden. As such I see it renting for a similar amount as the two-bedroom apartment I have nearby available for £875pcm. It's a similar size (including a rather small second bedroom that can prove problematic) and is in equally good condition (complete with modern kitchen, neutral décor, gas central heating and double glazing).

It's been with the current owners for 20 years now; in which time they've seen it's value increase from the £68,500 they paid in 1998 to the asking price now of £219,950 (+221%). Factoring all that in would mean a very decent 4.8% rental yield from a freehold property in good condition and in a decent location within Chichester for tenants (close to the hospital).

The property is on the market with Tod Anstee Hancock and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-67339393.html

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