Tuesday 23 October 2018

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Tangmere, £230,000, 5.0% yield

3 bed house, Cheshire Crescent, Tangmere, Chichesterkitchenlounge

3 bed house in Tangmere
Listed for sale on 19/06/18 @ £260,000
Now = £230,000
Rent = £950pcm
Yield = 5.0%

Last sold for £150,000 in 2009 (+53% in 9 years)
This three-bedroom house in Tangmere offers decent value, having been reduced in price from £260,000 to its current asking price of £230,000. That's around the same price as two-bed houses go for in the area and is quite a bit cheaper than the new-build two-bed houses in Tangmere. It's because this particular street is a little less desirable due to it's appearance and history, but with it comes large rooms and off-road parking.

Interestingly the current owners listed it for sale in 2014 for £179,950, but it didn't sell. Having paid £150,000 in 2009 that means we can crudely see the value increased around £30,000 (20%) between 2009-2014 and a further £50,000 (28%) from 2014 to now.

The advert makes a big point of it having beautiful views over farmland but be careful, I believe these are the same fields that will soon be taken over by the large development in Tangmere - with some 1,000 homes being built. That may sound like a negative, and to some extents it is, but when the new-build three-bed houses start being sold 100 yards away for £300,000+ it will make this house look cheap and very much worth a second look. This could in turn drag the value of this property up, particularly as the development brings a host of new amenities along with it.

In the meantime it should rent for around £950pcm, which is decent value for a three-bedroom house in Tangmere. That would provide a very decent 5% yield from a freehold property, which appears to be in decent 'ready-to-rent' condition.

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 clive@crjlettings.co.uk 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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