The past thirty or so days have been relatively busy in terms of changes to the investment sector, whether that be purchasing property or increasing the size of business operations. As a result, we have kept our eyes on the progression of news stories to pass on our expertise to our clients.
Therefore, here are some of the biggest news stories from the past month, and a few ideas about how best to progress.
Rise in Stamp Duty
The fine details of the rise in stamp duty were only announced in the Budget, a few weeks before they came into force. This resulted in a last-minute rush to complete property deals before the rise took effect.
New regulations mean that those buying a second home, or a buy-to-let property, will need to pay a higher rate of stamp duty depending on the price band:
- Up to £125,000 – 3%
- Between £125,001 and £250,000 – 5%
- £250,001 and £925,000 – 8%
- £925,001 and £1.5m – 13%
- Upwards of £1.5m – 15%
With this increase in taxation, it’s even more important to consider speaking to property investment specialists to work out how it will affect you and what you can do.
As most of you will undoubtedly be aware, the EU referendum is taking place this June. With the potential for a Brexit, there has been a lot of political uncertainty, especially when it comes to investments.
A growing number of Chief Finance Officers are holding back on investments as a result. If you are unsure about whether investing now is the right decision, it may be worth speaking to a property expert to see whether there are any buildings that should be considered for purchase right now.
Property Investment Hotspots
Despite London generally being more expensive than the rest of England and Wales, it has seen another increase in price. With this constant upwards momentum of the property market in London, it is still worth investing in the area.
The south eastern borough of Bexley saw a rise of 32%, with the average price now £191,500.
You can view our current property opportunities to see what commercial buildings are available across London and the rest of the country.
How to Interpret the News
Investing can be an exciting but intimidating time, especially when there are a multitude of factors that are constantly changing. Therefore, if you would like advice and support throughout the process of property investments, please don’t hesitate to get in touch with us at Prideview Properties by calling 0203 113 2142.