Monday 6 July 2020

3 bed house in Chichester, £242,000, 5.0% yield

3 bed house, chichester
3 bed house in Chichester
Listed for sale on 04/03/20 @ £285,000
Now = £242,000
Rent = £1,000pcm
Yield = 5.0%
Last sold for £175,000 in 2009 (+38% in 11 years)

This three-bedroom house in Chichester was first marketed in March at a fairly ridiculous £285,000. Fortunately, after three price reductions, it is now at a price that I feel offers decent value for what is a good-sized family home. 

My educated guess would be it was formerly used as a student let. Many of the properties in this area are, and many of those are currently struggling to find paying tenants for the next academic year, or have already been put up for sale by the landlords. I believe this gives rise to a new set of landlords in the area, who I believe should focus on the family and young professional market with this property. A rent of £1,000pcm should be achievable, which would result in a very decent 5% rental return for a freehold property in Chichester.

It looks to be in fair condition, with neutral flooring and decor. The kitchen needs to be inspected as to whether it is in sound order - a replacement could be on the cards in the near future. And the bathroom hasn't been photographed, so perhaps that's an attempt to hide the fact it needs to be replaced? It may sound strange, and even a waste of money to some, but I wonder what impact changing all the internal doors and ironmongery would make to the homes appeal, compared to the current office-like (fire?) doors in place. Finally a tidy up of the front and rear gardens will make the space more welcoming.

Much of the above is simple cosmetic work though, as the house is fundamentally a good-size, with a generous garden due to be on the end of terrace. It already has double glazing and gas central heating, which can be the more expensive elements to replace. These houses are typically well-built and, whilst it might not be the 'poshest' of areas in Chichester, it is convenient for the hospital and access to the city centre. 

The property is on the market with Cubitt & West and full details can be found on Rightmove via the following link: 


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