Monday, 2 March 2020

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £220,000, 5.4% yield

brick 3 bed house, Charles Avenue, Chichester, West Sussex
kitchencarpeted lounge with a sofa

Summary:
3 bed house in Chichester
Listed for sale on 11/02/20 @ £240,000
Now = £220,000
Rent = £995pcm
Yield = 5.4%


In an interesting twist from last week's buy-to-let deal  this three-bedroom house on the same street has been reduced by £20,000 to supercede last week's property pick as the 'cheapest three-bedroom house for sale in Chichester'. That sharp reduction to £220,000 has come just a couple of weeks after first being listed at £240,000. I mentioned the property in last week's write-up, and it's likely this price war has been instigated by the similar properties in the same street being listed - particularly when you note they're empty and thus the sellers are probably keen to sell.

Whereas last week's buy-to-let deal was in great condition though, this week's is in need of some refurbishment. Once done of course they're effectively the same property, and in a way having a 'doer-upper' to make new again is better than having a property in 'pretty good' condition. The fact it is now £15,000 cheaper than the other available property is also a bonus, especially when you consider these houses have sold for £240,000 - £250,000 in recent times.

As a three-bedroom house at the lower-end of Chichester's property market, you can still expect to let it for £995pcm. That equates to a 5.4% rental return based on the asking price, although bear in mind there's some money on top of that to bring it up to a great condition again.

The property is on the market with Cubitt & West and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-68277522.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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