Monday, 14 December 2020

BUY-TO-LET DEAL OF THE WEEK: 4 bed house in Chichester, £300,000, 5.2% yield

4 bed house in Chichester
Listed for sale on 19/06/20 @ £375,000
Now = £300,000
Rent = £1,300pcm
Yield = 5.2%

This four-bedroom townhouse close to St Richard's Hospital in Chichester has been on sale since June. In that time it has been reduced in price several times, to now stand at £300,000, which is £75,000 (or 20%!) cheaper than when it was first listed.

It is a similar house to one I highlighted in October as a buy-to-let deal of the week ( It is therefore a similar proposition too; a large, modern, freehold house available in Chichester for a reasonable price, which should be popular amongst tenants and result in a decent yield of 5.2%.

A few things stand out to me from the advert - the fact the headline price is £300,000 and yet the description says "offers in excess of £325,000" is one. Not only is this inconsistent, but I suspect a hangover from the previous asking price of "offers in excess of £325,000"...which proved to be false as it got reduced in price once more (and shows "offers in excess of" is a largely meaningless marketing tool). Secondly, one of the big pluses of the house is it's size...and yet there is no floorplan!? The nine photos don't really do the property and its size justice either, nor show the parking and garage that comes with the property (a big bonus in this street, which suffers from tough parking restrictions).

All in all then, this property could make a great Christmas purchase - be it for homeownership or buy-to-let purposes.

The property is on the market with King and Chasemore and full details can be found on Rightmove via the following link: 

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