Monday, 27 May 2019

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Westhampnett, £350,000, 4.5% yield

3 bed house, The sadler, chichester

3 bed house in Westhampnett
Listed for sale on 27/08/18 @ £400,000
Now = £350,000
Rent = £1,300pcm
Yield = 4.5%

Last sold for £218,000 in 2000 (+61% in 19 years)

This is a remarkably nice house, which for some reason has struggled to sell having been on the market for nearly a year now. In that time it's been reduced from £400,000 (and it was even listed a couple of years ago for £410,000 prior to this) to it's current asking price of £350,000.

Interestingly an identical neighbouring property (a mid-terrace) sold for £325,000 last June, so the current asking price seems fair for an end-of-terrace with the addition of a driveway and carport alongside.

It is of course competing with brand new houses at Madgwick Park on its doorstep, whereas this house was built in 2000. There's pros and cons to that - this house is on a street of all privately sold homes, whereas developers nowadays have to give up to 40% away to affordable housing and shared ownership. Older houses also tend to be bigger - this house has three double bedrooms set over three floors, with 1,230 sq ft of space compared to the equivalent three-bed house on Madgwick Park that has just 803 sq feet.

And whilst being 19 years old means it can't compete with the brand new kitchen and bathrooms, for rental purposes it appears to have been well looked after so it should still give service for at least one or two tenancies until these need updating.

The upshot of all that is again, the price, as the newer properties are more expensive, having to factor in the developers profit and new-build premium. And yet whilst there's a small rental premium for the new-build, the larger size of this home and its pleasant setting means you're likely to achieve a relatively strong £1,300pcm, which would equate to a solid 4.5% rental return.

The property is on the market with Purplebricks 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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