Monday 3 September 2018

BUY-TO-LET DEAL OF THE WEEK: 2 bed house in Fishbourne, £230,000, 4.7% yield

2 bed house, Mosse Gardens, Fishbourne, Chichesterkitchenlounge

2 bed house in Fishbourne
Listed for sale on 03/08/18 @ £250,000
Now = £230,000
Rent = £895pcm
Yield = 4.7%

Last sold for £185,000 in 2007 (+24% in 11 years)

This two-bedroom house in Fishbourne is up at a great price, having seemingly been caught in a 'race to the bottom' with a near identical house on the same street. Both were brought to the market at £250,000 and have been incrementally lowered so that this one is now priced at £230,000 (£5,000 less than the other one). That means it's been reduced by £20,000 (8%) in less than a month of marketing! Similar two-bed houses in the street have sold in the past 12 months for £254,000 and £250,000 and there's another (in good condition) up for £260,000 currently.

It's debatable as to whether it needs some work. In fairness it's 'passable' for the rental market; it's one of those tricky properties where it's a bit of a 'six out of ten'. It's stuck in an in between position of not being bad enough to warrant ripping it out and going to the expense of fitting a new bathroom and kitchen, but without doing so in its current condition it won't attract the best tenants and the top rent.

The advert doesn't allude to whether it has double glazing, so that could be another cost to factor in. Gas central heating seems to be in place though and the décor throughout is fine. I'd expect to rent it for £895pcm, which is a great 4.7% return on the current £230,000 asking price.

Considering the current owner paid £185,000 for it close to the previous property market peak in 2007, it has risen only 24% in 11 years. I like to see a decent property where you can buy it as close to 'yesterdays' price as possible and I think this one fits the bill.

The property is on the market with Purplebricks 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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