Monday 26 November 2018

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Lavant, £265,000, 5.0% yield

3 bed house, Springfield Close, Lavant, Chichester

3 bed house in Chichester
Listed for sale on 10/10/18 @ £275,000
Now = £265,000
Rent = £1,100pcm
Yield = 5.0%

Lavant isn't the go-to place for buy-to-let locally, but this three-bedroom house is worth a closer look due to, what I feel, is its bargain price.

I say that because, having been reduced from £275,000 when listed last month to £265,000 now, it is a mere £5,000 more than a two-bedroom house in the same street that also lacks a garage. Another three-bedroom house in the street is showing as 'sold', with a price tag of £280,000.

It also appears to be in a good condition, with modern kitchen/diner and re-fitted bathroom. This, combined with it's neutral décor, should mean it will be ready to let immediately. I'd give it an asking rental price of £1,100pcm based on its size and condition, which would provide a very decent 5% gross rental return. The snag to that though is what I mentioned earlier, in that Lavant isn't a typical area for buy-to-let. The majority of the village is owner-occupied, whilst tenants tend to prefer to be closer to the amenities of a city centre. I've unfortunately faced that predicament in the past few weeks, struggling to rent a three-bedroom house in Lavant, whereas I've found tenants for several similar houses closer to Chichester in the same time.

It might therefore be someone looking for a home of their own that snaps up what I feel is a great property at a good price. If a landlord does fancy a look they'd need to bear in mind the potential for longer void periods than normal, or shave a little off the expected rent to be able to bag a tenant.

The property is on the market with Sims Williams 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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