There are over
4,500 flats in Chichester. This represents around 30% of the housing stock
here, with the national average being nearer 17.5%. The average price of flats
with one or two bedrooms in Chichester is around £205,500 which is nearly 7.75%
higher than 2 years ago.
You can buy a one
bedroom flat in Arundel Park, for a very reasonable £145,000. If a landlord put
down a £40,000 deposit and borrowed the rest, they could achieve around £600
per month in rent. Even after paying the service charge, yields could reach
around 4.5% per year. However, you must remember that every landlord’s tax and interest
rates are different, so it is essential to research your investment carefully
before committing.
Finally, let’s not
forget about the potential increase in capital value of the property. I was
looking at the one bedroom flats in the Bewick Gardens development off
Swanfield Drive, and found that they have sold for around £100,000 in 2000. This value increased
by over 50% in 5 years, to £155,250 in 2006. The values have now risen to an
average of £186,500, and it is perfectly possible that we could see further
growth in the future.
If you would like
some advice about what could make a good investment, please visit our offices at 12 Southgate, Chichester or call 01243 887887.
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