Spring bargains in the housing market

Rightmove has reported that the average house price, for houses typically bought by first time buyers and property investors, coming to the market in April 2016 has dropped 1.4% from March 2016. Although this represents only a small decline in the asking prices, it does indicate that the market has reacted to the stamp duty change that effects property investors.

From 1st April 2016, property investors and those purchasing a second home must pay a 3% stamp duty levy on the price of the property provided the purchase price is £40,000 or more. This is in addition to any Stamp Duty that would be payable to a first time or next time buyer.

In the first quarter of 2016, the team at Harvey Bowes certainly experienced a rush to get deals completed. We had a very successful run and there is no let up in April. Investors are looking for bargains, perhaps where a vendors perception is that the market will go quiet due to the Stamp Duty changes and is willing to offer a reduction on the property price as a result.

There is opportunity in all markets, including this very buoyant market which we are currently enjoying. If you are buying property and need to move quickly, then call the team at Harvey Bowes today to arrange your property finance on 029 2175 4150

If you are currently investing in property, or are looking to get started, then why not rub shoulders with like minded people and increase your property investing knowledge? There is a network of 51 meetings around the country – the pin or Property Investors Network Meetings where investors get together to associate, learn and share skills. To book onto a meeting, click the link below, find your local meeting and book using the voucher code “BOWES” – this will get you into the meeting as a guest of Harvey Bowes Limited and waive the £20 entrance fee.

www.pinmeeting.co.uk

 

 

YOUR PROPERTY MAYBE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE   

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Property Investing in South Wales

Chez Doba shares his expertise on property investing in South Wales at the Swindon pin meeting. His overall theme is to a look at a property suitable for investment and then look at how it can be done better. Chez concentrates on the western region of South Wales, investing in Swansea and the surrounding area. Typically choosing properties built circa 1900 in traditional terraced rows and purchase prices of around £50,000.

Many of the properties are let to LHA tenants. As an advanced LHA strategy, Chez normally looks to set the properties up as a house-share. Known the property world as the 2+2 strategy, a Landlord can offer two single occupants shared kitchen and bathroom facilities and have a bedroom and a living room each. The benefit of this is that the council allow two lots of the LHA 1-bedroom rate to be paid in rental and this is higher than renting the same property to one family based on the 3 bedroom LHA rate. This strategy can work on properties that are configured as two bedroom and two reception room or three bedroom and one reception room.

To find out more, you can get in touch with Chez, or alternatively contact one of the team at Harvey Bowes Limited on 029 2175 4150 to find out about mortgage funding for this type of project.

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