By 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.
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
Follow me on Twitter.
Medway Property Experts, can be found here.
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