BUY-TO-LET DEAL OF THE WEEK: 1 bed flat in Chichester, £167,500, 5.2% yield

Summary:
1 bed flat in Chichester
Listed for sale on 24/09/18 @ £167,500
Rent = £725pcm
Yield = 5.2%
Last sold for £142,500 in 2008 (+18% in 10 years)

This one-bedroom apartment offers a good opportunity for an 'entry-level' buy-to-let property in Chichester. It may be reasonably small, but it offers up a double bedroom and an open-plan living space with modern kitchen and bathroom. The whole apartment is in great condition with neutral décor throughout, double glazing and gas central heating. It also has the benefit of its own entrance, so it feels more private than flats with communal entrances. As an added bonus it comes with a garage - which is worth £50pcm alone.

Overall I believe the flat would achieve £725pcm, which would equate to a 5.2% rental return based on paying the full asking price of £167,500. That's just 18% higher than was paid ten years ago, meanwhile regular Chichester Property News readers will know the increase in Chichester property prices in the past decade is actually around 35% (nearly twice as high as the owner of this flat has achieved).

That increase is in line with the fact that lower-end properties tend to rise in price less than their more expensive counterparts, whilst returning a better rental return on a monthly basis. This particular flat comes with the benefit of a renewed lease and a combined ground rent and service charge of just £40 per month - meaning the strong gross yield isn't hit too greatly due to the normal, often expensive, leasehold charges.

The property is on the market with Humberts and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-75834734.html

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