Chichester Property News – 13th March 2015

Last week I looked at a 2 bed house in Fishbourne for £229,950 that had just hit the market….and has already sold.

This week I have another 2 bed house in Fishbourne, priced at £230,000. For the extra £50 you get a brand new house, rather than a slightly dated older property, complete with an en-suite, downstairs cloakroom and an extra 28% (168 square feet) of space compared to last week’s offering.

Sounds like a deal to me!

It’s on a new development of 25 two and three-bedroom homes. This particular plot (no.4) is due to be completed in the Summer, with the rest of the development continuing until the end of the year. This means the first set of tenants will be going into a shiny new home (great) but on a building site for 6 months (less great). Because of this fact I think a rent in the region of £875pcm would be easily achievable, generating a 4.6% yield….from a brand new property complete with warranty! It’s likely to achieve slightly more than this once the builders are off-site but the property still maintains it’s new-home rental premium.

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

http://www.rightmove.co.uk/new-homes-for-sale/property-50772839.html

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There’s been a strange occurrence with the median rental prices this week, what with two bed flats out-pricing two bed houses (£950pcm & £875pcm respectively). Maybe that explains why 54% of the available two bed houses have been let, whereas only 41% of the two bed flats have been. There’s also a few super-high priced two bed flats in Canal Wharf and King George Gardens that have been on for months at £1,200 & £1,300, skewing the results.

Please contact me if you would like to chat about the local market, you are looking for a new buy-to-let or if you need assistance letting a property.

See you next week,