Chichester Property News: property near chichester

Showing posts with label property near chichester. Show all posts

Monday, 15 June 2020

BUY-TO-LET DEAL OF THE WEEK: '5' bed house in Chichester, £325,000, 4.8% yield

Semi-modern kitchen with a wooden finish

***This property sold over the weekend, showing what a good deal it was! Subscribe here to receive the buy-to-let deals a few days before they're published online***

Summary:
'5' bed house in Chichester
Listed for sale on 19/02/20 @ £370,000
Now = £325,000
Rent = £1,300pcm
Yield = 4.8%
Last sold for £275,000 in March 2012 (+18% in 8 years)

This semi-detached house close to Chichester's hospital is marketed as having five bedrooms. It's certainly a good-sized townhouse and in its current form is used as a five-bedroom student property (requiring it to be licenced). As a result it achieves £2,556pcm according to the advert (a 9.4% rental yield), although that includes bills and is unclear whether it's a full 12/12 months of the year contract. Furthermore, it's unclear whether the house is already let for the next student season and, even if it is, whether that lease will be realised in the current circumstances of University's debating whether they'll open in their current form.

Strip all that back though, and this house remains a good buy even as a 'normal' let. It can indeed be used as a five-bedroom home, although originally these properties were marketed as three-bedroom houses with a reception room on the middle floor (potential bedroom four) and study on the ground floor (potential bedroom five). This makes them very flexible for a variety of tenants and families. As a result I believe it could achieve £1,300pcm, which would provide a decent 4.8% rental return from what is a freehold property in good condition in a popular rental location in Chichester.

Built in 2007, it first sold for £265,000 before being bought by the current owner for £275,000 in 2012. It was listed for £370,000 in February, but two price reductions later sees it now marketed for £325,000. This seems excellent value for the size of property, and means the current owner will only bank a 18% gain in eight years (well below the average price rise of 49% in Chichester in that time) having knocked £45,000 off the original asking price. A similar neighbouring property sold for £335,000 in September 2016, which seems to backup the fact that this house is now available at a very decent price.

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

https://www.rightmove.co.uk/property-for-sale/property-77594464.html

If you are looking for an agent that is well established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.

E-mail me on clive@crjlettings.co.uk or call 01243 624 599.

Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:

^{_{c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP}}

Monday, 8 June 2020

BUY-TO-LET DEAL OF THE WEEK: 4 bed house in Tangmere, £325,000, 4.8% yield

Summary:
4 bed house in Tangmere
Listed for sale on 10/02/20 @ £350,000
Now = £325,000
Rent = £1,300pcm
Yield = 4.8%
Last sold for £334,995 in April 2018 (-3% in 2 years)

The weekly buy-to-let deal is back!

It seemed sensible to stop promoting the idea that people should be viewing and buying properties during lockdown, but as the property market seems fully open for business now, it seems reasonable to trawl through Rightmove and start recommending a few of the best buys out there.

Whilst noone is sure what will happen to 'house prices' as a whole, there will still be people wanting to buy and invest in property. Hopefully I can continue to steer those people towards a few of the gems amongst the crowd of listings and away from any potential lemons...

This four-bedroom townhouse in Tangmere wraps up pretty much all my top tips and recommendations when buying a buy-to-let into one property!

It's a freehold house in Tangmere, which is a growing 'village' and in my opinion well-positioned to appreciate in value over the long-term. The house itself is large, with over 1,100 square feet of space, as well as a driveway and garage. That makes it adaptable and suitable for a variety of tenants, whilst offering excellent value for money on a 'pound per square foot' basis.

Talking of value for money; it was originally listed in February at £350,000 and was reduced just before lockdown to £325,000. That offers excellent value for money, but also suggests a few months on that there could be some room for manoeuvre in regards to price. Bear in mind the current owners bought it for £334,995 in 2018 when it was brand new and it means you can buy it for less than they paid two years ago!

That also neatly brings me on to my final point, which is the fact the house is 'new-ish'. This is something of a sweet spot in my mind in that you aren't paying the original developers new-build premium, have had time for the property and estate to establish, whilst the house remains in great condition with all the mod-cons today's tenants often expect.

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

https://www.rightmove.co.uk/property-for-sale/property-77352301.html

^{_{c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP}}

Monday, 23 March 2020

BUY-TO-LET DEAL OF THE WEEK:2 bed house in Chichester, £239,950, 4.8% yield

2 bed house, Winterbourne Road, Chichester

Summary:
2 bed house in Chichester
Listed for sale on 17/03/20 @ £239,950
Rent = £950pcm
Yield = 4.8%
Last sold for £203,000 in 2014 (+18% in 6 years)

This good-sized two-bedroom property is in an area of Chichester with a lot of student lets, being relatively close to Chichester's university. Both bedrooms are large doubles, which helps with its desirability and many of these houses use the downstairs dining room as a third bedroom.

It doesn't have to be let to students though to provide a very good return. A similar property is on at £995pcm, but I've scaled this back slightly to a suggestion of £950pcm as this one is in need of some decorative improvements and doesn't come with gas central heating. Even so, with an asking price of £239,950, that conservative rental figure would provide a very decent 4.8% return. It would be well worth installing gas central heating rather than having the electric storage heaters in my opinion, both from a desirability point of view and an environmental one (the EPC is currently an E, so is legal...for now).

At £239,950 it seems reasonably priced for such a well-proportioned house in Chichester. The current owner bought it for £203,000 six years ago, so has seen a decent 18% increase in that time.

The property is on the market with Bell & Blake and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-83709449.html

^{_{c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP}}

Monday, 16 March 2020

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £260,000, 4.5% yield

Summary:
3 bed house in Chichester
Listed for sale on 02/03/20 @ £260,000
Rent = £975pcm
Yield = 4.5%
Last sold for £59,995 in 1997 (+334% in 23 years)

This three-bedroom semi-detached house is close to Chichester's city centre, in good condition and is a nice size. It only needs a few decorative tweaks to make it a very nice family home indeed. It also has a large garden, which may offer scope for development or potential to install off-road parking to the side (if you can get permissions to do so).

The one negative of the house for today's standards, is it has a downstairs bathroom. At least it looks almost new, so most people should be able to overlook this. And if the bathroom were moved upstairs, you'd lose one of the bedrooms, so that isn't really worth doing. Having said that, it can be a tough decision for homeowners and property developers alike - do you retain a three-bedroom house with a downstairs bathroom, or convert it to a two-bedroom house with the bathroom upstairs. There's no right answer, but certainly as time goes by people are becoming a little less accepting of having no bathroom upstairs.

Either way, at £260,000 the house offers good value; it is amongst the cheapest three-bedroom houses available to buy in Chichester. Even so, the current owner is on to a tidy profit, having bought the house for just £59,995 in 1997 - that means the price has more than quadrupled in the 23 years since!

It would likely rent for around £975pcm, which is relatively 'cheap' for a three-bedroom home in Chichester. Doing so would provide a landlord with a 4.5% rental return based on that full asking price, which is a good return from a freehold property in such decent condition.

The property is on the market with Bell & Blake and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-84091304.html

^{_{c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP}}

Monday, 9 March 2020

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Tangmere, £315,000, 4.4% yield

Summary:
3 bed house in Chichester
Listed for sale on 28/02/20 @ £315,000
Rent = £1,150pcm
Last sold for £235,000 in 2009 (+40% in 11 years)
Yield = 4.4%

This modern, detached, three-bedroom house in Tangmere looks to be a decent buy-to-let prospect. The terraced three-bedroom houses nearby are typically priced at around £275,000, so the £40,000 premium in price (this property has just been marketed for sale at £315,000) gives you bigger rooms, a garage and a more modern detached property with driveway.

That seems a fair price to pay, and whereas with the older-style three-bedroom houses I typically attach a rental price of around £950pcm-£1,000pcm, you should see a decent uplift in rental price for this particular home too, as they are less commonly available. I'd suggest a rental figure of £1,150pcm, which would provide a decent 4.4% rental return.

There should also be potential for further capital growth in the future, particularly as the large new development in Tangmere is built and the new houses will be sold at a premium price. Yet with three good size rooms, a cloakroom downstairs, an en-suite and bathroom upstairs plus the now to be expected double glazing and gas central heating, short of a few minor cosmetic tweaks this could once again be compared to a new home. Bear in mind too that many new homes are built in terraces and so to have a detached home with a driveway and garage is both rare and typically comes with a hefty premium as a result.

The current owner bought the property in 2009 for £235,000, so has overseen a 40% growth in its value. Interestingly, they purchased it at a lower price compared to the previous owner, who paid £244,500 in 2006, having to accept a loss a few years later as the credit crunch bit.

The property is on the market with Bell & Blake and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-89940107.html

^{_{c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP}}

Monday, 2 March 2020

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £220,000, 5.4% yield

brick 3 bed house, Charles Avenue, Chichester, West Sussex

Summary:
3 bed house in Chichester
Listed for sale on 11/02/20 @ £240,000
Now = £220,000
Rent = £995pcm
Yield = 5.4%

In an interesting twist from last week's buy-to-let deal this three-bedroom house on the same street has been reduced by £20,000 to supercede last week's property pick as the 'cheapest three-bedroom house for sale in Chichester'. That sharp reduction to £220,000 has come just a couple of weeks after first being listed at £240,000. I mentioned the property in last week's write-up, and it's likely this price war has been instigated by the similar properties in the same street being listed - particularly when you note they're empty and thus the sellers are probably keen to sell.

Whereas last week's buy-to-let deal was in great condition though, this week's is in need of some refurbishment. Once done of course they're effectively the same property, and in a way having a 'doer-upper' to make new again is better than having a property in 'pretty good' condition. The fact it is now £15,000 cheaper than the other available property is also a bonus, especially when you consider these houses have sold for £240,000 - £250,000 in recent times.

As a three-bedroom house at the lower-end of Chichester's property market, you can still expect to let it for £995pcm. That equates to a 5.4% rental return based on the asking price, although bear in mind there's some money on top of that to bring it up to a great condition again.

The property is on the market with Cubitt & West and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-68277522.html

^{_{c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP}}

Monday, 24 February 2020

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £235,000, 5.1% yield

Summary:
3 bed house in Chichester
Listed for sale on 18/12/19 @ £246,500
Now = £235,000
Rent = £995pcm
Yield = 5.1%

Having been reduced to £235,000 from £246,500 when it was first listed just before Christmas, this is now the cheapest three-bedroom house for sale in Chichester.

As always, that kind of statistic is enough to warrant a closer look as to how it might stack up as a buy-to-let property. In the case of this house on Charles Avenue, it stacks up pretty well. Sure, that location isn't the most desirable in Chichester - but it's actually cheaper than many of the TWO bedroom houses just a few hundred yards away in Arundel Park.

Furthermore, it appears to be in excellent condition. There's another on the street available for £240,000 that is in need of some refurbishment. And yet this one is cheaper and appears to have all been done for you - neutral décor and flooring, modern kitchen & bathroom, double glazing and gas central heating are all present.

As it's the cheapest three-bedroom house for sale in Chichester you can also expect it to be amongst the cheapest three-bedroom houses for rent in Chichester, should you decide to let it. Whilst there are a few cheaper showing as 'let agreed', the cheapest three-bedroom house currently available to rent in Chichester is priced at £995pcm. My experience suggests that's a fair price for a house like this, keeping it just below the big round £1,000 figure.

At that price, you'd be buying a freehold house in excellent condition that's ready to rent out and earn a potential 5.1% rental yield based on paying the full asking price. Meanwhile, comparable houses around it seem to be selling at a slightly higher price. That definitely sounds like a buy-to-let deal to me!

The property is on the market with Henry Adams and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-87596537.html

^{_{c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP}}

Monday, 17 February 2020

BUY-TO-LET DEAL OF THE WEEK: 4 bed house in Tangmere, £350,000, 4.5% yield

Summary:
4 bed house in Tangmere
Listed for sale on 10/02/20 @ £350,000
Rent = £1,300pcm
Yield = 4.5%

This is a great-sized four-bedroom house in Tangmere. Being semi-detached and spread over three floors means you get a lot of square footage (around 1,100) for the money - it comes with an asking price of £350,000.

It is relatively new and has been kept in great condition. This means there should be virtually nothing necessary to get it 'ready to rent'. It will also appeal to well-heeled tenants, who typically like living in such modern properties.

Having said that, one thing that does irk me with this property, and is common in many new-builds, is the lack of tiling and a full height shower over the bath. The developer's logic here is simple - there's a shower in the en-suite, so we'll save money in not putting one in the main bathroom. But in a house such as this that would mean three bedrooms on the middle floor coping without a shower or, more likely seeing as most people shower rather than bath nowadays, queuing to use the sole shower in the master bedroom upstairs.

Regardless of that detail, which isn't insurmountable, It should rent for around £1,300pcm. This would equate to a 4.5% rental yield based on that full asking price. That's a decent return for a freehold property in this area, particularly when you consider the age and condition of the house.

The property is on the market with White & Brooks and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-77352301.html

^{_{c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP}}