Monday, 4 November 2019

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £255,000, 4.7% yield

3 bed house, Winterbourne Road, Chichester
kitchenlounge

Summary:
2 bed house in Fishbourne
Listed for sale on 07/10/19 @ £260,000
Rent = £950pcm
Yield = 4.4%

Last sold for £127,500 in 2002 (+104% in 17 years)

This house may be marketed as having four bedrooms but really it's a three-bedroom house, as the 'fourth' bedroom is a dining room. It's labelled like that because many of the houses in this area are let to students and the dining room is indeed used as a fourth bedroom in most of these. Interestingly, some of these houses originally only had two bedrooms, but a large cupboard in the master bedroom was converted into bedroom three by adding a skylight!

Regardless of the above, at £255,000 the square footage on offer makes this a decent proposition whether you plan to use it as a three or four bedroom house. I've mentioned before that quite a few of these properties have been coming to the market in the past few months as landlords to students are giving up on the market in the face of changing tenant demand and expectations.

I'm not sure whether this particular property was a student let gone wrong or simply an owner occupier whose circumstances have changed. I say that because it was only purchased two years ago and the photos now show it empty. In that time the owners have installed a new kitchen, bathroom and wc...and yet still the £255,000 asking price is £10,000 less than they paid, so unfortunately they are well out of pocket.

This does underline that it is now for sale at a very reasonable price. If purchased by a landlord looking to rent to a family, I think a lick of paint should see them then rent it for £1,000pcm. This would equate to a very decent 4.7% rental return from a property that is likely being dragged down by the exodus of student lets in the area. Fundamentally though, three bedroom houses in Chichester don't come much (if any!) cheaper than this, so for the long-term buying this property at this price now looks to be a reasonable bet.

The property is on the market with Bell & Blake and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-85373744.html


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 clive@crjlettings.co.uk 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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