Monday, 10 June 2019

BUY-TO-LET DEAL OF THE WEEK:3 bed house in Chichester, £299,000, 4.8% yield

3 bed house, Pecketts Gate, Chichester, West Sussex

3 bed house in Chichester
Listed for sale on 10/04/19 @ £315,000
Now = £299,000
Rent = £1,200pcm
Yield = 4.8%

Last sold for £308,995 in 2013 (-3% in 6 years)

This three bedroom townhouse is offering a lot of property for not a lot of money in the scheme of things. Now priced at £299,000, having been reduced from £315,000 when first listed a couple of months ago, it's actually cheaper than when the current owner bought it in 2013 for £308,995 as a new-build.

To put that into context, the average property in Chichester has increased in value by 24% since then...yet this one has gone down!?! Zoopla's algorithm seemingly can't cope with that, as it suggests the house should now be worth £392,000 based on its previous selling price (+27%).

And as it's only six years old it's in great condition. It's previously been rented (for £1,150pcm according to online data) so presumably the landlord is cashing their chips in...which makes it even stranger they're doing so at a loss. I think it could rent for £1,200pcm such is its good location (albeit facing the main road isn't ideal), size and condition. This figure would provide a very good 4.8% rental return from a freehold property that needs no work to get it 'rentable', which again makes it strange as to why it's being sold...

The property is on the market with Charles Peck 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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