Exciting Refurbishment Project in Popular Street

For those up for a bit of a project, look no further!!

On the market with local estate agents Charles Peck, this two bedroom house in St James Road would require extensive updating and upgrading. However, with an asking price of £195,000, this property certainly offers a lot of scope for a margin.

http://www.rightmove.co.uk/property-for-sale/property-52138802.html

In terms of resale, a modern, two bedroom house in this area could fetch up to £225,000.

If you were to go down the lettings route, you would be looking at £850pcm, which, assuming a combined purchase and refurbishment price of, say £210,000, could net a landlord a gross yield of 4.8% (plus some equity!!)

With all properties of this nature, a full structural survey is advisable, which can cost in the region of £750-£1500.

Properties such as this in Chichester seldom come to the market so I wouldn't expect this opportunity to be around for long.

Townhouse next to St Richards Hospital with 5.3% return

When purchasing a buy-to-let it is often difficult to balance the potential capital growth with a healthy annual rental return.

Quite often with flats and apartments there can be several like-for-like properties within a particular block/street that are on the market at the same time, thus the supply is there to feed the demand. Consequently, property prices can sometimes grow at a slower pace than larger houses and bungalows.

Take this four bedroom townhouse in Baxendale Road for example, on the market with Hancock & Partners at £315,000.

http://www.rightmove.co.uk/property-for-sale/property-50118544.html

Having looked at the sold prices in the road over the last 5 years there has been an average price increase of £30,120 (which equates to almost 12%). With house prices predicted to continue to rise the road certainly forecasts encouraging growth.

Looking at the investment from a lettings perspective, this property will attract interest from hospital staff, families, and potentially four professional sharers. Rents of up to £1400pcm have been achieved for similar properties in Baxendale Road, which, based on a £315,000 purchase price, would return an attractive gross yield of 5.3%

Property values rise by £130 per week in Chichester

Earlier this week, a landlord of ours from Bosham came into the office to discuss the rising property values in Chichester.

He owns a varied portfolio of rental properties, primarily in Chichester, with a couple in Arundel Park and another one on the Somerstown estate, so it was interesting to compare the increase in property values around the area.

Over the last 12 months, in Chichester as a whole, property values have increased by an impressive £130 per week. When I looked at some of the areas within the city, Somerstown had a slightly lower average increase in property value at around £72 per week, whilst Arundel Park had a similar modest increase of around £111 per week. It is, nonetheless, a rise in average property values to suggest that the market is growing in our area - good news for home owners and landlords alike.

When considering this landlords buy-to-let portfolio, rental values have increased in the South East by 5.5% over the last 12 months (based on March 2014 vs. March 2015). Considering further still that the monthly variance between February 2015 and March 2015 showed a growth of 1.4%, the signs are that rents may continue to steadily rise. Therefore, it could be a good time to invest in the property market in Chichester. If you would like some advice about buying to let, be you a landlord with a portfolio, or someone thinking of investing in the rental market for the first time, please give me a call - 07875 957955.

Apartment in the village of Boxgrove that could bag a 5% + yield

During my daily browse through the latest Rightmove listings I noticed a potential corker of an investment property!

Located in the village of Boxgrove (about 3 miles to the east of Chichester) -  a location that is always very popular with tenants that work at nearby Rolls Royce and the Goodwood Estate.

The flat looks compact and neat, ideal for a single professional. With a few small improvements here and there (perhaps by upgrading the kitchen cupboards and flooring, and maybe changing the colour of the bedroom carpet to lighten the room) this property should easily rent for £550pcm.

There is also over 100 years remaining on the current lease, and a very modest combined maintenance and service charge of just £210.

On the market with local agents Sims Williams at £129,950, a purchase at the asking price could return a gross yield of 5.08%. If you were lucky enough to negotiate a better price then you certainly would be laughing!

Well worth a look in my opinion - http://www.rightmove.co.uk/property-for-sale/property-34411542.html 

Have a great Bank Holiday weekend.