Summary:
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:
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