Monday, 5 April 2021

BUY-TO-LET DEAL OF THE WEEK: 2 bed house in Fishbourne, £259,700, 4.6% yield

2 bed house in Fishbourne
Listed for sale on 21/12/20 @ £265,000
Now = £259,700
Rent = £1,000pcm
Yield = 4.6%

When is a house not a house? When it's a coach house! OK, technically it is a house, and a freehold one at that, which is good. But when you think 'house' you think of living areas downstairs and sleeping areas upstairs, along with a garden out back. In my opinion, a coach house is really just a flat above a garage...

This coach house in Fishbourne is nicely presented though, being modern throughout. The kitchen comes with integrated appliances and the bathroom has a shower over the bath. There's also two double bedrooms, gas central heating and double glazing....just no garden. There is a large garage though as mentioned, with parking in front.

As a result, the (rather strange) £259,700 asking price seems fair, although I expect a reduced offer should be accepted based on it clearly having been on the market a while. The reason that is abundantly clear is because of the photos, which features a Christmas tree in the lounge (the agent should have gone back and taken fresh photos once the decorations were packed away). The back data shows the property was first listed just before Christmas last year at £265,000, meaning the recent price drop is not a particularly significant one after four months of not selling, so it may still need a little trimming off to get sold.

I'd expect to achieve £1,000pcm for such a well-presented two bedroom property, even if it were effectively benchmarked against other flats, with the bonus of a garage. That would provide a 4.6% rental return, which is reasonable for a freehold property of this age in Fishbourne.

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

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