Monday, 8 March 2021

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Tangmere, £290,000, 4.6% yield

3 bed house in Tangmere
Listed for sale on 25/02/21 @ £290,000
Rent = £1,100pcm
Yield = 4.6%
Last sold for £245,000 in 2017 (+18% in 4 years)

Recently listed for sale is this three-bedroom house in Tangmere that would make a great investment property. It is in good condition throughout (except for that outdated cloakroom suite) and although it isn't on one of the newer estates in Tangmere it is relatively 'future-proof' as it has the aforementioned cloakroom, an en-suite, double glazing and gas central heating i.e. everything you get with a new-build nowadays! It even has a garage - something you don't see as frequently on new-build estates.

For £290,000 that's a lot of property for the money and you shouldn't need to spend much more to get it in a fit state for letting. Due to its decent size and good condition and amenities, I'd expect it to rent pretty quickly for £1,100pcm (including the garage), which would provide a decent 4.6% rental return from a freehold property.

The current owner purchased the house in 2017, paying £245,000. That means they've seen a solid 18% growth in four years based on the full asking price. Each of its previous owners have made money on it, having sold for £185,000 in 2008, £170,000 in 2004 and £79,995 in 1999 (the first ownership change since such records began).

I expect the next owner to be able to say the same thing, as well as earning a decent rental return from a property that shouldn't be left behind as more and more new-builds are constructed in Tangmere. 

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

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