Monday, 4 March 2019

BUY-TO-LET DEAL OF THE WEEK: 2 bed house in Chichester, £285,000, 4.1% yield

Juxon Close, Chichester, West Sussex
KitchenLounge
Summary:
2 bed house in Chichester
Listed for sale on 08/02/19 @ £300,000
Now = £285,000
Rent = £975pcm
Yield = 4.1%
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: 
https://www.rightmove.co.uk/property-for-sale/property-79273814.html



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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