Monday, 16 March 2020

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £260,000, 4.5% yield

3 bed house in Chichester
Listed for sale on 02/03/20 @ £260,000
Rent = £975pcm
Yield = 4.5%

Last sold for £59,995 in 1997 (+334% in 23 years)

This three-bedroom semi-detached house is close to Chichester's city centre, in good condition and is a nice size. It only needs a few decorative tweaks to make it a very nice family home indeed. It also has a large garden, which may offer scope for development or potential to install off-road parking to the side (if you can get permissions to do so).

The one negative of the house for today's standards, is it has a downstairs bathroom. At least it looks almost new, so most people should be able to overlook this. And if the bathroom were moved upstairs, you'd lose one of the bedrooms, so that isn't really worth doing. Having said that, it can be a tough decision for homeowners and property developers alike - do you retain a three-bedroom house with a downstairs bathroom, or convert it to a two-bedroom house with the bathroom upstairs. There's no right answer, but certainly as time goes by people are becoming a little less accepting of having no bathroom upstairs.

Either way, at £260,000 the house offers good value; it is amongst the cheapest three-bedroom houses available to buy in Chichester. Even so, the current owner is on to a tidy profit, having bought the house for just £59,995 in 1997 - that means the price has more than quadrupled in the 23 years since!

It would likely rent for around £975pcm, which is relatively 'cheap' for a three-bedroom home in Chichester. Doing so would provide a landlord with a 4.5% rental return based on that full asking price, which is a good return from a freehold property in such decent condition.

The property is on the market with Bell & Blake 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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