It won’t be a surprise to learn that the UK has officially entered its first recession in 11 years. The current pandemic has caused chaos with jobs, making some buyers hesitant whether to take the risk of purchasing a new home. With uncertainty surrounding the property market, there are several signs that indicate it’s a good time to become a landlord.
Here are our 5 top reasons to become a buy-to-let landlord in Cambridgeshire.
Reduced Stamp Duty
In a bid to boost the housing market, the Chancellor announced a stamp duty ‘holiday’ that will continue until 31st March 2021. This means Landlords will only pay the surcharge of 3% on properties costing up to £500,000. This decision to cut stamp duty could potentially save you thousands of pounds, giving you the boost you need to purchase your first, or next, buy-to-let property.
Tenant demand has continued to grow throughout the summer, with more people turning to rent following the ongoing pandemic. This unprecedented boost in demand means that it’s a great time to purchase a buy-to-let property, hopefully finding a long term reliable tenant. Due to the uncertainty of the economy, it means that more people will turn to rent, with more looking to live outside of London for more affordable rental prices.
We also work with many student rental properties for the local universities. Before you purchase a property, speak with William Rees who has a wealth of experience and knowledge in this area, you can gain free advice on potential rental yields.
Source of Income
Particularly in this current economic climate who wouldn’t welcome a second source of income? Our team can help you choose the right property to get a good rental income, as well as looking after your property, while you concentrate on your main job and life in general.
As we have previously mentioned we have a large student client list, and are always looking for suitable properties for them. These rental properties are an excellent source of income for our buy-to-let landlords, looked after by our dedicated team.
Buy-to-let Mortgage Growth
The amount and choice of buy-to-let mortgage products are continuing to increase as lenders re-evaluate the market, this is due to the rental sector being more resilient than the residential market during the past six months. This increase in deals is great news for buy-to-let landlords purchasing a property and taking advantage of the current stamp duty holiday.
We currently manage a property portfolio of more than £200 million in Cambridge and North London. Many of our clients enjoy the benefits of owning a property as a long term investment, and a source of financial security. If you’re looking to invest, but are not interested in stocks and shares, then the buy-to-let market is for you. Although with any investment there are some risks, rental yield and the ability to sell your property if/when needed, this avenue still boasts a lot of advantages and financial security.
As an Estate and Lettings agency, we are able to provide advice and support regarding both services whether you’re looking for a property to purchase, to sell or to let. For specific advice around your circumstances contact our team on 01223 811101.