# 2 bedroom flat for sale (SO23 9EH)

## Property Details

| Key | Value |
|-----|-------|
| Address | 4, DEVENISH HOUSE, 49, SOUTHGATE STREET, WINCHESTER, HAMPSHIRE SO23 9EH |
| Price | £475,000 |
| Bedrooms | 2 |
| Bathrooms | 2 |
| Council tax | D |
| Last sold | £315,000 Sep 2023 |

## Description

Graham & Co are delighted to present to market this sharp and elegant two bedroom flat, located in a beautifully converted period building. Sold with no onward chain.

Converted from a stunning period building, this immaculate two-bedroom, two-bathroom first floor apartment offers refined living in the heart of the city.

The stylish apartment provides contemporary and practical living, with the open plan kitchen/diner flowing seamlessly into the cosy living area. Ample work surfaces accompany integrated appliances and excellent storage in the kitchen. 

The two bedrooms both benefit from ensuite facilities with shower and bath respectively. A further cloakroom and storage cupboard from the hallway provide comfort and convenience.

Located on the first floor, the apartment benefits from a westerly aspect from the three Juliet balconies and an allocated undercover car parking space, with convenience to the lift. There is secure intercom access from Southgate Street.

The sale of Devenish House benefits from no onward chain.

**Winchester** - The historic city of Winchester is located on the doorstep, providing numerous shops, boutiques, coffee shops, fine restaurants and contemporary bars, as well as the famous Cathedral, beautiful Water Meadows and numerous other cultural amenities.

Devenish House is located within 0.6 miles of the railway station with direct trains to London Waterloo take approximately an hour. Further transport links are excellent, with easy access to the A34, M3 and M27.

## Property Photos

- ![Ph3_6609811.jpg](/listings/photos/89201289/715972) - Ph3_6609811.jpg
- ![Ph10_6609819.jpg](/listings/photos/89201289/715973) - Ph10_6609819.jpg
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- ![Ph7_6609816.jpg](/listings/photos/89201289/715975) - Ph7_6609816.jpg
- ![Ph5_6609814.jpg](/listings/photos/89201289/715976) - Ph5_6609814.jpg
- ![Ph11_6609820.jpg](/listings/photos/89201289/715977) - Ph11_6609820.jpg
- ![Ph6_6609815.jpg](/listings/photos/89201289/715978) - Ph6_6609815.jpg
- ![Ph12_6609821.jpg](/listings/photos/89201289/715979) - Ph12_6609821.jpg
- ![Ph13_6609822.jpg](/listings/photos/89201289/715980) - Ph13_6609822.jpg
- ![Ph15_6609824.jpg](/listings/photos/89201289/715981) - Ph15_6609824.jpg
- ![Ph14_6609823.jpg](/listings/photos/89201289/715982) - Ph14_6609823.jpg
- ![Ph20_6609829.jpg](/listings/photos/89201289/715983) - Ph20_6609829.jpg
- ![Ph21_6609830.jpg](/listings/photos/89201289/715984) - Ph21_6609830.jpg
- ![Ph1_6609809.jpg](/listings/photos/89201289/715985) - Ph1_6609809.jpg
- ![Ph17_6609826.jpg](/listings/photos/89201289/715986) - Ph17_6609826.jpg
- ![Ph16_6609825.jpg](/listings/photos/89201289/715987) - Ph16_6609825.jpg
- ![Ph18_6609827.jpg](/listings/photos/89201289/715988) - Ph18_6609827.jpg
- ![Ph19_6609828.jpg](/listings/photos/89201289/715989) - Ph19_6609828.jpg
- ![Ph2_6609810.jpg](/listings/photos/89201289/715990) - Ph2_6609810.jpg
- ![Ph4_6609813.jpg](/listings/photos/89201289/715991) - Ph4_6609813.jpg

## Floorplans

- ![Final_1306767_Flat-4-Devenish_300526110216897.jpg](/listings/photos/89201289/715992) - Final_1306767_Flat-4-Devenish_300526110216897.jpg

## EPC Graphs

- ![EE Rating](/listings/photos/89201289/715993) - EE Rating

## Sales History

*Recorded sales for this property. Data from Land Registry Price Paid.*

| Address | Price | Date | Type |
|---------|-------|------|------|
| DEVENISH HOUSE, 49 4 SOUTHGATE STREET, WINCHESTER, HAMPSHIRE, SO23 9EH | £315,000 | 19/09/2023 | Flat |

## Sold Comparables

*Same street and nearby sales within 0.25 miles. Data from Land Registry Price Paid. Last 5 years.*

| Address | Price | Date | Type |
|---------|-------|------|------|
| ST. MICHAELS HOUSE APARTMENTS, 8 3 ST CROSS ROAD, WINCHESTER, HAMPSHIRE, SO23 9HX | £525,000 | 24/01/2025 | Flat |
| [Same street] CHERNOCKE PLACE, 35 SOUTHGATE STREET, WINCHESTER, HAMPSHIRE, SO23 9EH | £1,040,000 | 11/08/2023 | Terraced |
| [Same street] DEVENISH HOUSE, 49 7 SOUTHGATE STREET, WINCHESTER, HAMPSHIRE, SO23 9EH | £537,500 | 03/07/2023 | Flat |
| [Same street] DEVENISH HOUSE, 49 6 SOUTHGATE STREET, WINCHESTER, HAMPSHIRE, SO23 9EH | £476,000 | 19/06/2023 | Flat |
| [Same street] DEVENISH HOUSE, 49 3 SOUTHGATE STREET, WINCHESTER, HAMPSHIRE, SO23 9EH | £470,000 | 25/05/2023 | Flat |
| [Same street] DEVENISH HOUSE, 49 5 SOUTHGATE STREET, WINCHESTER, HAMPSHIRE, SO23 9EH | £467,500 | 19/05/2023 | Flat |
| LIONS HALL FLAT 26 ST SWITHUN STREET, WINCHESTER, HAMPSHIRE, SO23 9HW | £295,000 | 17/02/2023 | Flat |
| ST. MICHAELS HOUSE APARTMENTS, 8 1 ST CROSS ROAD, WINCHESTER, HAMPSHIRE, SO23 9HX | £435,000 | 30/01/2023 | Flat |
| [Same street] DEVENISH HOUSE, 49 1 SOUTHGATE STREET, WINCHESTER, HAMPSHIRE, SO23 9EH | £565,000 | 16/12/2022 | Flat |
| 1 FLAT 2 ST CROSS ROAD, WINCHESTER, HAMPSHIRE, SO23 9JA | £350,000 | 09/12/2022 | Flat |
| LIONS HALL FLAT 21 ST SWITHUN STREET, WINCHESTER, HAMPSHIRE, SO23 9HW | £365,000 | 09/12/2022 | Flat |
| [Same street] DEVENISH HOUSE, 49 8 SOUTHGATE STREET, WINCHESTER, HAMPSHIRE, SO23 9EH | £525,000 | 04/11/2022 | Flat |
| [Same street] DEVENISH HOUSE, 49 2 SOUTHGATE STREET, WINCHESTER, HAMPSHIRE, SO23 9EH | £462,000 | 26/10/2022 | Flat |
| [Same street] DEVENISH HOUSE, 49 9 SOUTHGATE STREET, WINCHESTER, HAMPSHIRE, SO23 9EH | £437,000 | 12/08/2022 | Flat |
| ST. MICHAELS HOUSE APARTMENTS, 8 2 ST CROSS ROAD, WINCHESTER, HAMPSHIRE, SO23 9HX | £730,708 | 08/07/2022 | Flat |
| ST. MICHAELS HOUSE APARTMENTS, 8 4 ST CROSS ROAD, WINCHESTER, HAMPSHIRE, SO23 9HX | £785,000 | 10/05/2022 | Flat |
| ST. MICHAELS HOUSE APARTMENTS, 8 6 ST CROSS ROAD, WINCHESTER, HAMPSHIRE, SO23 9HX | £785,000 | 10/05/2022 | Flat |
| ST. MICHAELS HOUSE APARTMENTS, 8 7 ST CROSS ROAD, WINCHESTER, HAMPSHIRE, SO23 9HX | £807,500 | 01/01/2022 | Flat |

**Street average:** £553,333 (9 sales)
**Area average:** £564,245 (9 sales)

## Price vs local average

*Outcode + property type (HousePrices, last 2 years).*

- **Local average:** £295,891 (23 Flat, SO23, 2024–2026)
- **Deviation:** +60.5%

## Rental Range

*ONS Price Index of Private Rents (Winchester). Low / Realistic / Optimistic = conservative / average / best case.*

- **Low:** £1,355/mo
- **Realistic:** £1,505/mo
- **Optimistic:** £1,656/mo

## LHA (Local Housing Allowance)

*VOA 30th percentile rent floor for Winchester (Apr 2025 – Mar 2026).*

- **LHA floor (this property size):** £1,047/mo

## Rental Comparables

*Residential lets from OpenRent and Rightmove for the area (same bedroom count). Use to validate rent estimates. Student lets are excluded.*

| Title | Rent | Beds | Distance | As seen on |
|------|------|------|------|------|
| 2 Bed End Terrace, Water Lane, SO23 | £2,200/mo | 2 | 0.46 miles | OpenRent |
| 2 Bed Flat, Grange Close, SO23 | £1,500/mo | 2 | 1.05 miles | OpenRent |
| 2 Bed Terraced House, Grange Close, SO23 | £1,950/mo | 2 | 1.05 miles | OpenRent |

**Average rent: £1,883/mo (3 listings)**

## 1% Rule

- **Rent ratio:** 0.41% (weak for cashflow)
- **Max investor price (0.8%):** £243,750
- **Target investor price (1%):** £195,000

*Monthly rent ÷ price. 1%+ = strong, 0.8–1% = okay, <0.8% = weak. Max investor price = rent ÷ 0.8% (Stoke-style target). Target investor price = rent ÷ 1% (strong cashflow band). Based on OpenRent comparables.*

## Rent-driven metrics

*Based on OpenRent comparables (median £1,950/mo).*

- **Gross yield:** 4.9%
- **Cost-to-rent:** 20.3×
- **Monthly cashflow:** £-141/mo (75% LTV, 3.95% APR (5yr fixed), 25yr term)
- **Cash-on-cash ROI:** -1.2%

*Gross yield = annual rent as % of price (no costs). Cost-to-rent = price ÷ annual rent (from OpenRent comparables); under 14× = strong, 14–16× = acceptable, 17×+ = compressed. Cashflow = rent − mortgage − 10% maintenance − £25/mo compliance; assumes 75% LTV, 3.95% APR (5yr fixed), 25yr term. ROI = annual profit ÷ cash in (deposit + 4% purchase costs).*

## Capital growth trend

*Land Registry outcode average from sold prices: last 12 months vs 5y and 10y ago.*

- **5y growth:** -5.5%
- **10y growth:** -18.6%

## House Price Index (HM Land Registry)

*Official index for Winchester; Flats and maisonettes series; as of March 2026.*

- **1y growth (index):** -2.9%
- **5y growth (index):** 0%
- **10y growth (index):** 4.1%

## Flood risk

- **Zone:** 1
- **Risk:** Low
- **Source:** Job (default Low)

[Check long-term flood risk (GOV.UK)](https://check-long-term-flood-risk.service.gov.uk/postcode)