Investment property in the Medway areas and why you have 4 months to save £10,000.

The Chancellor recently  announced that buy-to-let investment purchases would be subject to an additional 3% stamp duty cost as of April 2016. 

This means that on a property purchase price of £250,000, there will be an extra cost of £7500 if you buy that same property after April 2016. As a result some pundits are now predicting a stamp duty stampede (try saying that quickly or after a few glasses of your favourite red!). Investors will be asking themselves "Why wait and incur an extra cost?!" And its a fair question. Our nations population is increasing and our new home building rate is actually going down. There has never been, in my opinion, a better time to be a landlord.

This news comes at a very interesting time for the Medway property market. Where December and January have traditionally been quieter months, I believe the revised stamp duty structure will add extra impetus to a market where stock levels are already low. When you also consider that the major property portals actually record massive spikes in website visitors over the festive period, I genuinely feel we will continue to see both price increases and high levels of demand all the way through the next few months.

Spencer Fortag

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