Monday, 4 February 2019

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £380,000, 4.7% yield

3 bed house, Longley Rd, Chichesterkitchenlounge
3 bed house in Chichester
Listed for sale on 20/11/18 @ £425,000
Now = £380,000
Rent = £1,500pcm
Yield = 4.7%

I regularly highlight properties on Graylingwell Park as a decent buy to let deal, but typically the houses I focus on are from the first phase of the development. This three-bedroom house (we'll get to that in a minute) is on the second phase, so is a little newer than some of the houses on Graylingwell Park. Originally listed last November for £425,000 it has creeped down in price and I feel it now represents a good buy at its current asking price of £380,000.

The core reason for this follows on from my latest article ('How useful is calculating '£ per square foot'?') in that I believe the house to be great value for money, offering a whopping 1,529 square feet of space. That equates to just £249 per square foot; some 30% cheaper than the average in Chichester - yet it's a nearly new house in excellent condition and in a nice location!

And this gets me to another 'bonus' of the house, which is that I would classify it as a four-bedroom house. You see, downstairs is a perfectly acceptable kitchen and living room, much as you get in any new-build house. And yet on the middle floor there is an additional 'family room', which I would personally view as a bedroom. Doing so means it has four (double!) bedrooms, two of which have en-suite shower rooms. Treating it like this would, in my opinion, mean a rental value of £1,500pcm compared to the £1,200pcm-£1,300pcm the three-bed houses achieve in the area.

All of this combined means some canny buyer will get a huge amount of space for a reasonable asking price. Better yet it's a modern and well-presented house with nothing required prior to letting it, whilst generating a very decent 4.7% rental return.

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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