Why It's The Right Time For FTBs To Buy
A whopping 380,000 properties are about to enter the market.
Why? In short, it’s due to tax changes.
Many landlords (as in - a 10-year high, according to estimates!) are planning to reduce the volume of properties across their portfolios, which is being attributed to tax changes made by the Government in relation to buy to let properties.
To make renting fairer for tenants, the Government has introduced new policies that essential mean landlords need to pay more tax if they have multiple properties. Mortgage interest relief for higher and additional rate taxpayers has also been removed, a three percent surcharge on purchases of an additional property introduced, and upfront letting fees for tenants have been banned. In summary, it may now be more difficult for landlords to make the same level of profit from their property investments. This is not to say that being a landlord cannot still be extremely beneficial, but the private rental market is now a fairer playing field for both landlords and tenants and unfair profits are no longer possible at the sake of tenant’s well-being.
As such, a large number of landlords have decided to sell properties.
Naturally, many of these properties will be in desirable locations and, given summer is not the best time to sell, may at be extra affordable prices.
FTBs, get ready to view!
What Type of Properties Are Likely To Be Available?
Many landlords have said they will sell city flats - great news for city workers.
Other have spoken of selling terraced houses, which could be a good option for people looking to settle down and start a family.
Given rental properties are generally in good locations, you can expect houses and flats close to local amenities, schools and transport links.
Questions To Ask Yourself Before Committing
It would be a good idea to ask yourself:
Can I really afford to buy a property? Evaluate your finances, now and in the future, carefully and make a realistic decision. You may like to enlist the assistance of a financial advisor.
Is the property I’m considering a good investment for the future? An apartment in the city might seem great now, but what about when you decide to start a family? Is there enough space? Will you be close to schools? And so forth.
- Do you understand the entire process? Purchasing a property is time-consuming and complex. It’s important to have a team of experts on your side - ranging from a fantastic real estate agent to an experienced and specialist solicitor or conveyancer.
Our service for First Time Buyers
Introducing #FirstMoments our dedicated service exclusively for First Time Buyers, you can read more about it by clicking here.
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Who are GWlegal?GWlegal are a property solicitors based in Liverpool, specialising in buying or selling, remortgage, declaration of trust, bridging and buy-to-let landlords.
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Content correct at time of publication.