Chichester Property News: tangmere

Showing posts with label tangmere. Show all posts

Monday, 5 August 2019

BUY-TO-LET DEAL OF THE WEEK: '6' bed house in Fishbourne, £450,000, 5.2% yield

6 bed house, Fishbourne Road West, Chichester,

Summary:
'6' bed house in Fishbourne
Listed for sale on 21/07/18 @ £500,000
Now = £450,000
Rent = £1,950pcm
Yield = 5.2%
Last sold for £127,500 in 1997 (+253% in 22 years)

This '6' bed house in Fishbourne has been on the market for over a year now. In fact the Rightmove data says it was first listed for £500,000 in July 2018, but I've got a feeling from memory that it's actually been on longer than that and for more money too. It's currently priced at £450,000, which makes it good value when you consider what you're actually getting.

What you're actually getting isn't really a '6' bedroom house but a 3-4 bed house and a 2 bed flat. Both are immaculate inside and a dividing wall can easily be put up to split the property accordingly. You could also mark out allocated parking on the large drive to the front and create a private garden for each property to the rear.

You have then created a good sized house, which would rent for around £1,100pcm and a 2 bed flat, which should achieve £850pcm. The biggest difficulty would be separating the utilities so they are metered individually, or alternatively you could factor this into the rent so that the bills are included on both properties and you, the landlord, pays the bill.

If you consider that the house should then be worth £300,000+ and the flat around £200,000 (you could go to the trouble of splitting the title so you actually do create two properties), there's also scope for an uplift in value too.

The location on the main road and next to the pub won't appeal to everyone, but the property looks great inside and the space will sell it to the eventual owner and/or tenants.

As it's been on the market so long, has been reduced to a good price considering the vast floorspace on offer and the ability to adapt it to two separate dwellings, there is definitely potential with this rather unusual property to make it a little more 'usual' and thus more appealing to buyers and renters; and doing that normally spells profit!

The property is on the market with Purplebricks and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-66561565.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, 29 July 2019

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Tangmere, £185,000, 5.5% yield

2 bed flat, The Boulevard, Tangmere, West Sussex

Summary:
2 bed flat in Tangmere
Listed for sale on 21/05/19 @ £205,000
Now = £185,000
Rent = £850pcm
Yield = 5.5%

Longer-term readers will know I like Tangmere as an area for investment - you get good value compared to nearby Chichester and it appeals to tenants due to its quieter feel and easy access to the A27.

Longer-term readers will also know I prefer houses to flats, however there are always exceptions to the rules and in the case of this two-bed flat in Tangmere, I'd rather buy it to a nearby two-bed house.

Primarily that comes down to the price...£185,000. On all sorts of levels this a bargain in my opinion. It's been reduced from £205,000 when it was first listed just a couple of months ago, which is a good start. Identical flats in the block have sold for between £188,000 and £206,500 in the past three years, so you definitely aren't overpaying. New-build flats in Tangmere are selling for around £210,000+, so you're getting a decent discount for it being 'old' (the block is less than 10 years old...). And finally it is in excellent condition and comes with the bonus of an en-suite shower room, which the new-builds and nearby two-bed houses mostly don't have.

One of these flats is currently up for rent at £895pcm, which seems a bit ambitious to me considering two-bed houses are available for £900pcm with a private garden and a garage. However 'nice' these flats are inside, you'll normally find people favour houses regardless due to their privacy and ease of parking.

Even so, at a fairly conservative £850pcm this flat will provide a stonking 5.5% rental return. That is high for the area, although of course you do have to factor in ground rent and service charges. On blocks like this that can typically stretch to £100pcm, which would still mean a 4.9% return, which is very favourable compared to most freehold houses in Tangmere and Chichester.

If you're looking for a ready to rent investment that is available at a decent price and in a growing and popular area, this one really ticks the boxes.

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-81954332.html

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

Monday, 22 July 2019

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £275,000, 4.4% yield

Summary:
3 bed house in Chichester
Listed for sale on 09/07/19 @ £275,000
Rent = £1,000pcm
Yield = 4.4%
Last sold for £249,000 in 2014 (+10% in 5 years)

This three-bedroom house is centrally located in Chichester and offers a sensible, no-thrills approach to buy-to-let. Of ex-council stock, the houses here are typically solidly built and this one appears to be in good condition. It has double glazing and gas central heating, a modern enough kitchen and bathroom, plus an extra cloakroom downstairs. The bedrooms are reasonable sizes - two (smallish) doubles and a single - and you get a large garden too.

For £275,000 this represents an entry-level price as far as three-bed houses in Chichester are concerned and would likely rent for £1,000pcm. This would equate to a decent rental return of 4.4% for a well-located freehold property that appears to need little, if any, money spent on it to make it of a rentable standard. It would likely attract young families who wish to be close to the city centre or hospital.

A good way to check a property is fairly priced before you buy is to look at its previous selling price. In this case it was last sold for £249,000 in 2014 (remember when stamp duty jumped up at £250,000 based on the old 'slab system'), which means it's just 10% higher now than it was 5 years ago. Property prices in Chichester as a whole have increased on average by 26% in that time, meaning this stacks up as a reasonably priced house.

The property is on the market with Kenton Budd and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-83195729.html

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

Monday, 15 July 2019

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Tangmere, £279,950, 4.7% yield

3 bed house, Neville Duke Way, Tangmere, Chichester

Summary:
3 bed house in Tangmere
Listed for sale on 28/06/19 @ £279,950
Rent = £1,150pcm
Yield = 4.9%
Last sold for £272,000 in 2015 (+3% in 4 years)

This three-bedroom house in Tangmere is beautifully presented and available at a very decent price all things considered.

It is a semi-detached house that's only 10 years old. That in itself would mean it's modern but the current owners bought the property in 2015 and installed a new kitchen, fresh carpets and re-decorated throughout. It really is in fantastic condition!

And yet it's priced at just £279,950, which I think is cheap considering what other nearby houses have sold for and the fact the current owners will be losing money based on paying £272,000 four years ago (having spent money on the improvements). Prior to that, the house was sold for £233,000 in October 2009 (when it was newly built), which was close to the bottom of the credit crunch. That means it's only increased by 20% in a decade compared to the wider market in Tangmere, which has increased by 46% in that time.

This townhouse design is popular amongst families, with the extra floor giving a sense of space and privacy. It also means you get three double bedrooms rather than having a box room and as it's a modern build it has a downstairs cloakroom, family bathroom and en-suite shower room, plus the near-essential gas central heating and double glazing. It also has a garage and a small, but again well-presented, garden.

It is likely to rent for £1,150pcm given it's size, location and excellent condition, which would mean a very good 4.9% rental yield based on its asking price. This from a freehold property in great condition (did I mention it's really well-presented??) that is ready to rent makes it a really excellent buy-to-let proposition for a shrewd buyer.

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-82932470.html

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

Monday, 3 June 2019

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Tangmere, £260,000, 4.6% yield

Summary:
3 bed house in Tangmere
Listed for sale on 23/05/19 @ £260,000
Rent = £1,000pcm
Yield = 4.6%
Last sold for £175,000 in 2009 (+49% in 10 years)

I've just come back from a rental valuation in Tangmere and I'm always amazed with what great value it offers to homeowners and tenants alike. Yes there are new-build sites popping up in Tangmere and the huge 1,000 home development is taking shape with the planning department. But all that should bring with it some additional amenities for the village, which will only enhance what is already a nice place to live whilst being cheaper than nearby Chichester, which is just a few miles away on the easily accessible A27.

And so it is with this three-bedroom house, which priced at just £260,000 fairs well against the new-build prices and yet offers decent internal space plus a driveway and garage. The kitchen, bathroom and décor need a closer inspection to see whether it is starting to show its age, but from the photos (short of a bit of decorating) it appears to be in a 'ready to rent' state. It should do so for around £1,000pcm, which would provide a decent 4.6% rental return for a freehold property in this part of the country.

It's interesting to note that the property was last purchased in 2009, which was around the nadir of the credit crunch, for £175,000. Clearly a 49% increase since then is good...but it's not quite the old adage of 'property doubles in value each decade' that used to be spun out in the early noughties. Zoopla suggests properties as a whole in Tangmere have increased 48% in the past 10 years, putting this house bang on target and suggesting it offers fair value in today's market.

The property is on the market with Charles Peck and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-82029053.html

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

Monday, 29 April 2019

BUY-TO-LET DEAL OF THE WEEK: 4 bed house in Tangmere, £410,000, 4.4% yield

4 bed house, Blenheim at Bader Heights, Tangmere

Summary:
4 bed house in Tangmere
Listed for sale on 11/08/18 @ £450,000
Now = £410,000
Rent = £1,500pcm
Yield = 4.4%

This week's buy-to-let deal takes us back to the Bader Heights development in Tangmere, which has been a treasure trove in recent weeks for well-priced properties that will appeal to tenants.

For landlords who like investing in bigger properties, this four-bed detached house could fit the bill. Originally selling for £450,000 it has been reduced to just £410,000 in recent weeks, as the sales office looks to offload its last few homes on the site.

Not only does that mean you get a good amount of bricks for your money, but based on having let an identical property on the site in the past fortnight for £1,500pcm, it should also give a decent 4.4% rental yield. Considering this a brand-new property, complete with two-year warranty, it should provide a relatively hassle-free letting experience in the short-term.

In the long-term it should hold up well, based on similarly sized houses locally being sold for similar prices; meaning you're paying next to nothing extra for the privilege of a new-build. Along with four good-sized bedrooms (three doubles and a single) you get an en-suite shower room, large kitchen/diner that appeals to modern family living, separate lounge and study as well as a large driveway, garage and a decent rear garden.

I've written before about buying new-builds and being careful not to overpay to cover the developers profit. But at the same time I said it can be good business to get in early or late when it comes to a new development; with the developer wanting to move on from a site this good-sized home could be a great valued purchase for someone.

The property is on the market with Miller Homes and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-81028646.html

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

Monday, 22 April 2019

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Tangmere, £200,000, 5.1% yield

Summary:
2 bed flat in Tangmere
Listed for sale on 13/04/19 @ £200,000
Rent = £850pcm
Yield = 5.1%

Tangmere has cropped up in my buy-to-let deal of the weeks quite a few times recently. This week it's a two-bedroom flat in a modern, but not new-build, block on the edge of the village. It's in excellent condition and has gas central heating and double glazing as well as two double bedrooms and two bathrooms. It has a nice open plan kitchen / living space and, other than a little decorating to neutralise a few walls, it needs next to no money spent on it. There's even the bonus of a garage.

All in all I think it is 'future proofed' in regards to the amenities and space it offers. In the short-term it is likely to attract young professionals - either a couple or sharers (which is where the benefit of those two bathrooms really shines). It should rent for £850pcm all things considered, which would be a very decent 5.1% rental return based on the asking price of £200,000.

As ever with flats, be sure to check the ground rent and service charge costs. Particularly being a modern block these are likely to be on the high side, so consider the impact they'll have on your gross rental return. Similar apartments in the same block have been sold for just shy of £200,000 several times in the past two years, so it seems there's been little price inflation in the past couple of years, so it could be a good time to buy at this price.

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-80914190.html

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

Monday, 1 April 2019

Chichester Property News - Issue 37 - April 2019

Featuring the articles:

"Ten years on from Chichester's property price low",
"Where will all the new homes in Chichester go?",
"To renew or not to renew: that is the question"
"Community Focus: Chichester Falcons Softball Club"
and "Buy-to-let deal of the month: 3 bed house in Tangmere, £290,000, 4.6% yield"

➕ Plus, the latest average property values, rents and yields in Chichester!

Thursday, 30 November 2017

How much of Chichester is built on?

It is generally accepted amongst us Brits that because we live on a small island with an ever-growing population, house prices will continue to increase. Official figures suggest 250,000 new homes are needed each year in the UK to keep up with demand, and yet last year only 217,000 were built. In last week’s Budget the Chancellor announced plans to start building 300,000 new homes a year, which raises the question…where are they all going to go?

It may surprise you to hear that only 5.9% of the UK is actually built on, with the majority (56.7%) being used as farmland, 2.5% being designated as ‘green urban’ (that’s parks, gardens and recreational space) and the other 34.9% remaining natural. So, all the houses, roads, shops, businesses, airports and other buildings take up less than 6% of the nation - which is quite amazing when you think about it. As we spend most of our time in built-up areas it’s often only when we fly home from holiday and look out the plane’s window we are reminded how green Britain actually is!

When we extract Wales, Northern Ireland and Scotland from the figures though (a huge 71% of Scotland remains completely untouched, with just 2% being built upon), the data indicates that an average of 8.8% of England is built on, with 3.8% green urban, 72.9% farmland and just 14.5% remaining natural.

Here in Chichester we’re less than half as densely urbanised than most of England, as we benefit from just 4% of the District being built upon. A further 2% of land is green urban, 69% farmland and, not surprisingly for an area that includes the South Downs, a higher-than-average 25% of our land remains natural.

I fear this abundancy of open space is why central government sees Chichester as an easy target to take on more housing - with directives to build thousands of new homes in the coming years (the current local plan sets 435 per year as a target, but this figure is likely to be increased in the 2020 review to 505-650 per year). The higher-end of that range would equate to more than 7,000 additional homes being built by 2030, which is a significant increase on the 50,000 or so existing properties in the Chichester District today.

So where are we going to build these new homes? It’s all well and good for central government to push for these schemes, but the knock-on effect is the strain upon local infrastructure i.e. the roads, public transport, schools, hospitals and other public services that need to be enhanced and added to.

Well, the development at Whitehouse Farm is set to be the biggest in Chichester’s history, with 1,600 new homes planned. And farmland is also under threat in Shopwhyke, Westhampnett and Tangmere. But surely all these new residents will need to eat, so continuously building on farmland isn’t sustainable in the long-run. Unless housing is to be more densely built (think taller but smaller new-build units, with a lack of outdoor space) it seems the quarter of our District’s land that remains ‘natural’ could be under threat.

Whilst the Government has made loose promises about the ‘green belt’ being safe from development, it seems that there will come a time when there is little option than to build upon the open spaces that inherently make Chichester and the surrounding areas such a joyous place to live.

(This article was featured in the Chichester Observer's property section on 30th November 2017)

Clive Janes, CRJ Lettings.

www.crjlettings.co.uk

____________________________

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:

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c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

__________________________________

Monday, 7 August 2017

BUY-TO-LET DEAL OF THE WEEK: 3 bedroom house in Tangmere, £287,000, 4.4% yield

Summary:
3 bedroom house in Tangmere
Listed for sale on 05/07/17 @ £299,950
Now = £287,000
Rent = £1,050pcm
Yield = 4.4%

This week's buy-to-let deal of the week is an old favourite of mine - a townhouse in Tangmere. Tangmere is an area I often highlight as being close to Chichester and the A27, yet offers more 'bricks for your buck' than you find in the more expensive city of Chichester.

Townhouses such as this are often popular amongst tenants as they offer a good level of space - this house boasts 3 double bedrooms. That opens it up to professionals sharing the house but not having to squabble over who gets the box room, as well as modern families whereby the parents like to be on a separate floor to the children.

The house has just been reduced from £299,950 to £287,000, which now means it is a favourable price compared to other townhouses in Tangmere that have recently sold and/or are currently for sale.

I don't often like suggesting a rental value of £1,050pcm as you lose a big audience of people who will select £1,000pcm as their maximum level on the portals (e.g. Rightmove). But, I feel this houses good presentation and modern kitchen & bathroom, as well as having the all important gas central heating and double glazing, warrants a little more than £1,000pcm but not quite the £1,100pcm I suggested for a similar townhouse in Tangmere back in April, which benefitted from a bit more space and a garage.

Interestingly, I've found the house is available on the Help to Buy scheme as it is currently a shared ownership property. The details of that are here, but it shows the house as being available with a 40% share for £120,000, which would then mean a monthly rent of £355pcm for the 60% you don't own - which is a very generous rent indeed! (60% of the full market rent would be £630pcm).

It would make a good property purchase for a homeowner or a buy-to-let landlord looking for a reasonably low-maintenance property purchase, such is the age and condition of this property.

It is on the market with Henry Adams and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-60745609.html

__________________________

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

__________________________________