Chichester Property News: westhampnett

Showing posts with label westhampnett. Show all posts

Monday, 8 July 2019

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Westhampnett, £325,000, 4.8% yield

3 bed house, The Sadlers, Chichester, West Sussex

Summary:
3 bed house in Westhampnett
Listed for sale on 01/07/19 @ £325,000
Rent = £1,300pcm
Yield = 4.8%
Last sold for £195,000 in 2001 (+67% in 18 years)

I featured an identical house to this three-bedder in Westhampnett a couple of months ago, albeit that one was an end-of-terrace. Nevertheless the accommodation this one provides is the same and better yet it's £25,000 cheaper! At £325,000 this is a lot of property you're getting in an area that is popular with tenants - particularly those working at Rolls Royce.

Spaced out over three floors means the bedroom sizes are all very good, which opens it up to families as well as sharers (likely to be colleagues at the aforementioned Rolls Royce). That price tag is the same as an identical house in the street sold for last June, showing prices have stalled over the past 12 months. For rental purposes though you could look at around £1,300pcm, which would provide a very decent 4.8% from a freehold property.

Whilst it's 18 years old (in which time the value has increased by two-thirds) it appears to be in a good condition. This should mean there won't be much to do before having it ready to rent out to tenants. When you add together its location, size and condition, the price tag becomes even more appealing. Throwing the numbers into the mix and it seems like a very good long-term buy-to-let purchase to me.

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-82932413.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}}

Wednesday, 1 May 2019

Chichester Property News - Issue 38 - May 2019

Featuring the articles:

"Has the minimum wage helped Chichester's first-time buyers?",
"How much is a bedroom in Chichester?",
"Have you re-mortgaged recently?"
"Community Focus: Last Friday Club"
and "Buy-to-let deal of the month: 3 bed house in Westhampnett, £374,950 4.2% 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

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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

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Monday, 1 May 2017

BUY-TO-LET DEAL OF THE WEEK: 2 bedroom apartment in Westhampnett, £250,000, 4.7% yield

Summary:
2 bedroom apartment in Westhampnett
Listed for sale on 08/04/17 @ £265,000
Now = £250,000
Rent = £975pcm
Yield = 4.7%
Last sold for £173,000 in June 2009 (+44.5% in 8 years)

I spotted this two bedroom apartment in Westhampnett when it first came to the market a few weeks ago, price at £265,000.

I had a particular interest in it as last October I highlighted the apartment below it as my buy-to-let deal of the week. The ground floor apartment is actually more attractive in my eyes, as it has a large conservatory off the lounge that leads into a private garden.

With this property, the upstairs maisonette (meaning it has it's own entrance), there's no chance of installing a conservatory (although I did see one on a first floor once!) and whilst it also has a private garden, it's a slightly more drawn out walk downstairs and around the building to access it.

I was particularly pleased when one of my Chichester Property News subscribers actually bought the ground floor apartment having seen it as my buy-to-let deal of the week. They then kindly gave me the opportunity to find tenants for it, which I did at £995pcm and within a few weeks of marketing had the tenants moved in - a great result.

This week's buy-to-let deal, the top floor apartment, has just been reduced in price from £265,000 to £250,000. That's still £10,000 more than was paid for the downstairs flat (according to Land Registry) and I think the rental price will be a fraction lower as it does without the conservatory and immediate garden access.

Nevertheless, Westhampnett is always a popular area among tenants and this property is just begging to be occupied by a Rolls Royce employee who can take a leisurely stroll up the road to work. At a rent of £975pcm it would be similar to nearby houses, but this apartment is larger than the houses (a point I pushed when marketing downstairs) and is beautifully presented, so that should be an achievable rent. It would mean a gross rental yield of 4.7% based on paying the, newly reduced, £250,000 asking price.

Considering the apartment was bought new in June 2009 for just £173,000, that equates to a fantastic 44.5% capital growth in 8 years for the current vendors - illustrating that this apartment can provide not only a decent rental return but also strong long-term capital appreciation.

It is on the market with Purple Bricks and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-58971622.html

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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

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Monday, 17 October 2016

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Westhampnett, £250,000, 4.8% yield

Summary:
2 bed flat in Westhampnett
Listed for sale on 11/03/16 @ £285,000
Now = £250,000
Rent = £1,000pcm
Yield = 4.8%

Last week's buy-to-let deal was a two bedroom house in Westhampnett. This week I am suggesting you take a look at this two bedroom flat in Westhampnett. Regular readers of the Chichester Property News will know I favour houses rather than flats, so even with this flat being £25,000 cheaper than last week's house (which has since sold, showing it to be a decent pick) many will assume last week's selection is the better buy.

Well, maybe that's true. Particularly as this property has languished on the market for six months now. But then again, this flat has two parking spaces and it's own private garden and front entrance. As such it has the privacy and amenities many flats miss out on compared to houses. OK, it still has ground rent and service charges to factor in, but so do all of the houses on Goodwood land too. A price reduction from £285,000 to £250,000 is pretty handy too, particularly when you consider it would rent for around £1,000pcm; providing a decent 4.8% yield.

It is also in excellent condition, with neutral decor, a modern kitchen and bathrooms, gas central heating and double glazing. The kicker to this flat is its size: 964 square feet! That is positively huge compared to last week's two bed house (771 square feet); meaning you're getting 25% more space for £25,000 less!

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-58235624.html

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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

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Monday, 4 April 2016

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Westhampnett, £305,000, 4.3% yield

Summary:
3 bed house in Westhampnett
Listed for sale on 12/02/16 @ £320,000
Now £305,000
Rent = £1,100pcm
Yield = 4.3%

This three bedroom modern house in Westhampnett has just been reduced in price from £320,000 to £305,000. Better yet, it was actually on the market last year for £329,950, so it's seen a 8% price reduction since then. It now looks pretty decent value, considering it's modern construction (complete with double glazing and gas central heating) and good sized plot, complete with garage.

Popular for workers at the nearby Rolls Royce factory, it should rent relatively quickly for around £1,100pcm, providing a yield of 4.3% coupled with a property that is ready to rent.

Focusing back on the new stamp duty legislation would put a bit of a sour note on this property; yesterday a landlord would've paid £5,250 in stamp duty whereas today they'll now pay £14,400! Whilst it's possible an owner-occupier might yet snap up this property, this area does quite often attract landlords and, with recent price reductions in mind, it may be that the vendor will need to factor this in when mulling over offers.

It is on the market with Tod Anstee and full details can be found on Rightmove via the following link:

http://www.rightmove.co.uk/property-for-sale/property-52971208.html

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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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Monday, 7 September 2015

BUY-TO-LET DEAL OF THE WEEK: 2 bed house in Westhampnett, £280,000, 4.3% yield

I've spoken many times how rare two bedroom houses are around Chichester (there are currently just 11 to rent in the whole of Chichester!).

This two bed house is just three years old and remains in excellent condition throughout. Ordinarily I'd say this means it can be rented straight away, helping minimise the void, as well as appealing to tenants so it should let quickly.

On this occasion, however, it is being sold with a tenant in situ.

With these tenants currently paying £1,000pcm and wanting to stay in the property, it would mean you'd receive a 4.3% rental yield from day one. Be sure to check who the tenants are and get proof they've been paying the rent before you begin a tenancy with them.

On the basis it was bought from new for £200,000 in May 2012, if it were to sell for its £280,000 asking price this would mean an increase in price of 40% in three years! That far outstrips the local average and I wonder whether this is justified but there are so few two bedroom houses the lack of supply and strong demand has seen prices rise strongly. With Chichester, Goodwood and Rolls Royce all on its doorstep, this two bed house is well placed for this trend of strong capital growth and solid rental returns to continue.

Full details can be found on Rightmove via the following link:

http://www.rightmove.co.uk/property-for-sale/property-54326582.html

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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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