Summary:
2 bed house in Chichester
Listed for sale on 08/02/19 @ £300,000
Now = £285,000
Rent = £975pcm
Yield = 4.1%
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I've let and managed an identical two-bedroom house in the same street as this for the past three and a half years to the same (lovely) tenants. It's location close to Chichester's city centre, but in a quiet close, is particularly popular with young professionals. And, as I've written before many times, two bedroom houses work particularly well with this demographic too, being well-suited as a long-term home for a young couple who initially use the second bedroom as a spare room or office, but can also adapt it should they expand their family (which is exactly what my tenants have done).
They are also modern-built houses so don't suffer with the same issues as some period properties in the city centre do. This one has a modern kitchen and bathroom (although the old bathroom tiles let it down a little) and two good sized bedrooms. The bonus of having a garage is also great, although the parking is permitted, which can put some off (although it's to be expected this close to the centre of Chichester).
Having been listed just a few weeks ago for £300,000 and already having been reduced 5% to £285,000 brings it to a fair price compared to what other houses in the close have sold for previously. I'd expect it to rent for £975pcm, which would provide a modest, but still decent, 4.1% rental return from this freehold property.
Sometimes an agents folly can create an opportunity and I'd say using a picture of the bedroom as the main photo, followed by two identical exterior shots and later four of the same garden shot and two identical shots of the garage (meaning 5 of the 14 photos are duplicates) creates a confused advert that could help a canny buyer snag a good property at a fair price as we approach the dreaded 29th of March!
The property is on the market with Cubitt & West and full details can be found on Rightmove via the following link:
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