Monday 14 October 2019

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Tangmere, £270,000, 4.6% yield

3 bed house, Tamar Way, Tangmere, Chichester
3 bed house in Tangmere
Listed for sale on 07/10/19 @ £270,000
Rent = £1,045pcm
Yield = 4.6%

Last sold for £210,000 in 2010 (+29% in 9 years)

New to the market this week is this three-bedroom house in Tangmere. It's one of the 'older' houses in the village, yet curiously it still has the benefit of a downstairs cloakroom and two upstairs bathrooms (an en-suite to the master bedroom and a family bathroom).

With gas central heating and double glazing too, there's not much you're missing out on versus the more expensive newer built homes as a result. Yet at £270,000 you're saving a pretty penny compared to the newer houses AND you get a garage as well.

Of course it's not quite as shiny and modern inside as the new-builds, but it appears to be in decent order, with a neutral décor throughout and a modern enough kitchen and bathrooms.

A similar house has just come up for rent at £1,100pcm, which seems a little strong to me to be honest based on the property's age and location (there's also a three-bed around the corner at £925pcm!) but I think you could achieve £1,045pcm by renting the garage for £50pcm and the house itself for £995pcm.

That figure would equate to a decent 4.6% rental return based on the full asking price of £270,000 (which is a fair price, albeit not quite a bargain - I wonder whether there's some price reductions to follow in the coming weeks?). The current owner paid £210,000 back in 2010, which is a cracking price for the house, although it means they've 'only' seen a 29% increase in the nine years since, which is below the wider average for Chichester and the surrounding areas in the same timeframe.

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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