Monday 1 October 2018

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £260,000, 4.6% yield

3 bed house, Maplehurst Road, Chichesterkitchenlounge

3 bed house in Chichester
Listed for sale on 02/07/18 @ £275,000
Now = £260,000
Rent = £995pcm
Yield = 4.6%

Last sold for £192,500 in 2009 (+35% in 9 years)
This three-bedroom house is amongst the cheapest currently available to buy in Chichester, priced at £260,000. It appears to be in good condition, with a modern kitchen and neutral carpets and décor throughout (no photo of the bathroom though). It's been up for sale a couple of months and has recently been reduced from £275,000.

It's in an area of Summersdale that has a high proportion of student lets, which may be one way to go with this house. The layout however doesn't naturally suit students as bedroom three is small and the downstairs hasn't been separated off so as to create a fourth bedroom. I'd rather see it let to a family, and it would likely do so at £995pcm. That's reasonably cheap for three-bedroom houses in Chichester at the moment, but still represents a solid 4.6% rental yield based on paying the full asking price.

The current owner bought the property close to the post financial crisis low in 2009 for £192,500. Having sold for £187,500 in 2006 I'm surprised it wasn't a little cheaper at this point, which may reflect why the gain is sitting at 'just' 35% in nine years, whereas prices as a whole in Chichester have risen over 50% in that time.

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

If you 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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