Myth or reality? 8.3% yield on Peniciuik 3 bed house

I spotted this property today that was new to the market yesterday ..... so it’s hot of the press to use old fashioned newspaper speak!

The property is a well presented, 3 bedroom mid terrace house in Carnethy Court that is being sold by Springbok Properties.  Carnethy Court is quiet crescent off Loanburn Avenue. There is plenty of accommodation including a good sized lounge, a fitted dining kitchen, 3 good sized bedrooms one with stairs up to a floored attic space that would be ideal for an office or teenager’s den, a bathroom, gardens and on street parking.  The property is in lettable condition and, by the looks of the photos, it has been well looked after. 

http://www.zoopla.co.uk/for-sale/details/38613591

This house is on the market for offers over £105,000 with the sellers, Springbok Properties, saying that it is “attractively priced property to encourage a faster than average sale”.  Based on Penicuik norms, you would normally be looking at paying around £115,000 to secure the property which is a sensible price given the type of property and location.  Rent of £800 pcm is likely to be achievable on a property like this which gets you to a healthy yield of 8.3%. 

But, and it is a big but, I would recommend that anybody interested in this property has a chat with Springbok Properties to get an idea of the price they are looking for as my experience with them is that they put properties on the market at prices far, far lower than they are prepared to accept to increase interest.

If you would like any advice on buying a property to let, feel free to pop into the office at 6 Bank Street for a chat, give us a call 01968 674601 or email us on (robert@thekeyplace.co.uk; linda@thekeyplace.co.uk).