The Chancellor’s announcement that from April 2016, those looking to buy a second property will have to pay new stamp duty charges, has meant investors will need to act now to avoid paying the higher rates.
Despite the spectre of higher stamp duty, impressive capital gains at Bath’s leading property development is expected to maintain interest from investors looking for the best place to put their money.
With the city also enjoying some of the steepest rent rises in the country with average year-on-year increases outstripping the capital, means yields are also pulling in punters wanting a decent return on their investment.
Detail on the high-flying gains comes from Crest Nicholson’s Bath Riverside where comparable properties have increased in price by a whopping 37% over an 18 month period.
A clear indication of the investment potential at the waterside development, the sales team is now advising anyone considering an investment in bricks and mortar to visit the development now making sure they beat the new stamp duty deadline.
Avoid being an April fool!
Those looking to invest will now be able to take advantage of some attractive incentives that will not only improve the offer but help with the annual yield.
For completions before the end of March this includes guaranteed rental income of £2,000 per month for 12 months or the chance to have the stamp duty paid, saving thousands in the buying process.
Available on a number of stunning three-bedroom properties, those wanting to start 2016 on a secure footing should make the most of the opportunity presented by the Crest Nicholson team.
Sales and marketing director Mary Timlin said it was clear prevailing rental demand across Bath was concentrating investor attention at Bath Riverside and news on the change in stamp duty rules will further concentrate investor’s minds.
Mary said: “Property investors wanting to avoid paying the new stamp duty rate announced by the Chancellor in the Autumn statement need to act now.
“We’re expecting an acceleration in the property investor sector over the next few months and the various incentives we have in place will fuel interest further.
“Those who delay will otherwise have to pay the increased stamp duty charge.”
A shortage of quality new homes, Bath’s attractiveness as a place to live and the burgeoning student population are just some of the reasons why the city and in particular Bath Riverside is seen as the number one option for property investors in the city.
Add into that the city’s direct rail link to the capital, which will soon be improved due to the electrification of the line, will only add further to the city’s appeal.
Mary added: “With Bath Riverside being the most significant property development in the city it is not surprising we are attracting investors who are looking at new build for letting opportunities right in the centre of town.
“The Riverside location offers the advantage of being within easy walking distance of the shops, restaurants, theatres and bars as well the railway station.”
For further information please call 01225 463517or visit http://www.crestnicholson.com/bathriverside
The sales and marketing suite on Victoria Bridge Road is open daily from 10 am to 5pm.