That’s right, I’m avoiding the subject of BREXIT, I’m sure we’ve all heard enough. I also think we would do well to just get on with it. So, this month I want to talk about how landlords seem to be out performing first time buyers.
The government recently announced measures to dissuade smaller, non-institutional landlords from increasing their property portfolios by increasing stamp duty levels for additional property purchases. It was a substantial amount, but did it have any effect?
Well, not really…
We’ve seen a marked increase in the amount of existing landlords wanting to increase their portfolios. The thought process seems to be from feedback that property has, and always will be, a great investment. The rental market is now so strong that rental void periods are almost non-existent!
This places first time buyers in a difficult position. On a local level, I’ve been eager to see how many first time buyers are now registering over investors and there seems to be a 70/30 split in favour of investors. This is a huge amount of competition for first time buyers and makes it that little more difficult for them to see the properties first or compete on price.
A simple increase in the amount of available property at the lower end could help to ease the situation – let’s see what the next few months have in store. My advice this month for first time buyers is this: ensure you have your mortgage agreement in principal in place, make it known how serious you are at buying a property and the timescales you wish to purchase in, and create availability to view a property at the drop of a hat!
As always, whether you are an investor or first time buyer, I’m always here for any property related questions or help you may need. Please feel free to email me at email@example.com
Article Published in the September Edition of the Big Voice Magazine.