Showing posts with label tangmere property. Show all posts
Showing posts with label tangmere property. Show all posts

Monday, 5 October 2020

BUY-TO-LET DEAL OF THE WEEK: 1 bed flat in Tangmere, £150,000, 6.0% yield


Summary:
1 bed flat in Tangmere
Listed for sale on 10/03/20 @ £180,000
Now = £150,000
Rent = £750pcm
Yield = 6.0%
Last sold for £124,950 in 2016 (+20% in 4 years)

This one-bed flat in Tangmere could be a sound entry-level buy-to-let property (yes, £150,000 is 'entry-level' for the local area).

It's been modernised by the current owner, so there is nothing that appears in need of upgrading prior to letting it to tenants. It has a good-sized open-plan living area with a modern kitchen and neutral decor. There's then a double bedroom and a family bathroom. Bonuses include an upgraded heating system (albeit it's all electric rather than gas), double glazing throughout and a garage in a nearby block.

Although it's a flat, it has a long (155 year) lease and minimal ground rent and maintenance obligations. That means nearly all of the £750pcm rent I'd expect to achieve for the well-presented apartment isn't lost to the freeholder.

That's a very decent 6% rental return based on the current £150,000 asking price; an asking price that has been reduced by £30,000 since it was first listed in March. The current owner bought it for £124,950 in 2016, but it seems the bulk of that 20% increase in four years has been spent on the flat itself, rather than acting as profit for the current owner.

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



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Monday, 28 September 2020

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Tangmere, £265,000, 4.8% yield

Summary:
3 bed house in Tangmere
Listed for sale on 07/09/20 @ £295,000
Now = £265,000
Rent = £1,050pcm
Yield = 4.8%
Last sold for £175,000 in 2004 (+51% in 16 years)

This three-bedroom house in Tangmere has been slashed in price by £30,000, less than three weeks after it was first listed. Now priced at £265,000, it appears to be decent value for a good-sized three-bedroom house that, as the agent describes, is "beautifully presented".

The caveat I'd make to that is it doesn't necessarily look that way in the photos (in my opinion - let me know what you think). The 'artistic' front photo is around 60% foliage, 20% sky and 20% house - to me, it makes it look overgrown and unloved. Whereas, in fact, it appears to have been very well looked after, with gas central heating, double glazing, a reasonable kitchen, modern bathroom and crisp décor throughout. Here too though, some of the photos don't do the house justice. Net curtains, pictures cluttering some of the walls and striped wallpaper seem to combine to make the house feel smaller, and less modern, than it really is.

Once the house is emptied of such things though, it will likely look a completely different property; and a far more desirable one, in my opinion. Good sized rooms (although bedrooms two and three are a little smaller than you'd ideally like) with very little improvement works necessary (unless the striped wallpaper really offends you - I think in the flesh it could look good). With the bonus of a garage and being at the end of a cul-de-sac, it should be popular amongst renters, with the two smaller bedrooms providing ample enough space for children's bedrooms and/or offices for working at home (increasingly important!).

It would likely rent for £1,050pcm, which would provide a decent 4.8% rental return from a freehold property that has seen capital growth of 51% in the 16 years since the previous owner bought it for £175,000.

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-97000847.html






Chichester rental valuation

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
kitchenlounge

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


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



Chichester rental valuation

Monday, 22 April 2019

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

2 bed flat, The Boulevard, Chichester
kitchenlounge


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


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



Chichester rental valuation

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?

chichester land coverage
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. 

uk land usage

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.
chichester observer headline




(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:


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

__________________________________


Chichester rental valuation


Thursday, 9 November 2017

Where can Chichester’s landlords get help?


It can be daunting out there for landlords with the ever-changing landscape of the rental market and the growing number of regulations they need to understand and follow. Many choose to employ a letting agent to undertake the brunt of the work for them, whilst others are keen to do it themselves. Even those who use a letting agent though are ultimately responsible for what goes on in their rental properties, so I think it’s important every landlord has a decent understanding of what’s what.

The best investment I think I made in this regard was a few well-regarded books and a membership with the NLA (National Landlord Association). There are other landlord associations out there, but the NLA is the biggest and was the one I plumped for. Their bi-monthly magazine ensures I’m up to date with all the upcoming legislation, whilst they offer a plethora of courses and documents accessible online that cover an array of circumstances you’re likely to come up against.

I’m proud to have completed the online training courses that the NLA provide with their membership so I became an Accredited landlord i.e. I know my stuff! Their telephone advice line is also manned by knowledgeable landlords who will answer any of your more unusual or technical questions. They also hold regular landlord meetings in association with Chichester District Council to present the latest news and updates, as well as providing commentary from industry insiders.

I’m pleased to say that next Thursday (16th November) I will be one of those industry insiders speaking at Chichester’s NLA meeting at 6pm at the Chichester District Council offices. It’s free of charge, even to non-members, so come along if you’re a landlord and you’re interested in finding out more, and you can hear me talk about Chichester’s property market a bit too!

It’s run in collaboration with Chichester District Council, who are also here to help landlords provide a good service to tenants. They have a team of people serving both the private and public rental sectors, answering your legislative queries and offering support with financial incentives to improve your properties. Chichester’s fire brigade are here to help too; providing fire inspections and fire prevention tips and equipment.

There’s a lot of help for landlords out there in the community, so you don’t need to trawl through pages of conflicting information on Google. I hope to see you at next Thursday’s free NLA / Chichester District Council landlord meeting, or you can call me if you ever need some lettings advice.






(This article was featured in the Chichester Observer's property section on 9th 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:


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

__________________________________


Chichester rental valuation

Monday, 7 August 2017

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

3 bed house, Windmill Drive, Tangmere
Kitchen
Lounge
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
__________________________


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

__________________________________

Rental valuation

Monday, 17 April 2017

BUY-TO-LET DEAL OF THE WEEK: 4 bedroom house in Tangmere, £289,950, 4.6% yield

Windmill Drive, Tangmere
kitchen
lounge
Summary:
4 bedroom mid-terrace house in Tangmere
Listed for sale on 12/04/17 @ £289,950
Rent = £1,100pcm
Yield = 4.6%
Last sold for £275,000 in April 2015 (+5.5% in 2 years)
New to the market this week is a four bedroom mid-terrace townhouse in Tangmere, which is just to the East of Chichester and an area I have often said is one of my preferred local areas for buy-to-let.

This is because there are a lot of new-builds being developed in Tangmere, which brings new infrastructure and amenities and should 'lift' the overall appeal of the area. Pre-owned stock starts to look good value too when you compare it against the inflated new-build prices; this three/four bedroom house with a garage is only around 10% more than a new-build two bedroom house without a garage.

Longer term readers may remember I wrote a specific article about townhouses in Tangmere last year - "Which townhouse in Tangmere is the best".

Using that research we can see that this particular Tangmere townhouse is coming to the market at a realistic price (£289,950), which is in fact only 5.5% more than the £275,000 the current owner paid just two years ago. It also means that you should be able to achieve a decent 4.6% yield from what is a modern property, which should appeal to families. That is based on paying that full asking price and achieving £1,100pcm - a reasonably strong rent for the area, but considering this could be seen as a four bedroom house it would be cheap compared to what is available in nearby Chichester (where the average four bedroom house rents for £1,495).

Even as a three bedroom home (the fourth bedroom is very small and is on the ground floor) the property is a good size, plus has the benefit of the garage, so I think this house would rent quickly. It also has the benefit of having a minimal amount of work to do prior to letting.

Again, looking at the new-builds nearby, those two bedroom houses without garages are renting for around £995pcm - so this should look like a logical next step for those looking for more space and/or bangs for their buck.

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-65757929.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

__________________________________