Monday, 3 June 2019

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Tangmere, £260,000, 4.6% yield

3 bed house, Churchwood Drive Tangmere

3 bed house in Tangmere
Listed for sale on 23/05/19 @ £260,000
Rent = £1,000pcm
Yield = 4.6%

Last sold for £175,000 in 2009 (+49% in 10 years)

I've just come back from a rental valuation in Tangmere and I'm always amazed with what great value it offers to homeowners and tenants alike. Yes there are new-build sites popping up in Tangmere and the huge 1,000 home development is taking shape with the planning department. But all that should bring with it some additional amenities for the village, which will only enhance what is already a nice place to live whilst being cheaper than nearby Chichester, which is just a few miles away on the easily accessible A27.

And so it is with this three-bedroom house, which priced at just £260,000 fairs well against the new-build prices and yet offers decent internal space plus a driveway and garage. The kitchen, bathroom and décor need a closer inspection to see whether it is starting to show its age, but from the photos (short of a bit of decorating) it appears to be in a 'ready to rent' state. It should do so for around £1,000pcm, which would provide a decent 4.6% rental return for a freehold property in this part of the country.

It's interesting to note that the property was last purchased in 2009, which was around the nadir of the credit crunch, for £175,000. Clearly a 49% increase since then is good...but it's not quite the old adage of 'property doubles in value each decade' that used to be spun out in the early noughties. Zoopla suggests properties as a whole in Tangmere have increased 48% in the past 10 years, putting this house bang on target and suggesting it offers fair value in today's market.

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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