A two bedroom terraced house, Sorell Drive, Tamebridge, Walsall, WS5. Ideal for a buy to let (BTL) investment opportunity. Marketed Bairstow eves (01926 312791) and at a very reasonable £110k asking price. You can find the full property details here.
Situated in the highly popular Tamebridge estate, which is very conducive for long term letting.
A two bedroom terraced house on a popular newbuild estate approx 1 mile from Walsall town centre, WS2. The property has a very nice spec and is ready to go.
There are one double bedroom and one single bedroom. A fully fitted modern kitchen, a fair sized rear garden and off-road parking. It would be better appreciated by a viewing. The location is within easy reach of all the major road networks, services and other amenities lending easy access to Walsall town centre.
Walsall Letting Agent..Corporate or Independent?Recently I read a really interesting article by Christopher Watkin, renowned property guru, which really made me think about whether landlords and vendors actually know who they are instructing when putting their property for let or for sale and the implications of being unaware of whether one of the large corporate owns your local agency!
I have noted my opinions and thoughts at the bottom of the article..
I was reading the Sunday newspapers last weekend whilst drinking my favourite concoction of freshly juiced Apple & Mango juice, when I spotted an article in the financial pages. It was announced that UK inflation had increased to its highest level in a year. Inflation, as calculated by the Government’s Consumer Prices Index, rose by 0.3% over the last 12 months. The report said it had risen to those ‘heady’ levels by smaller falls in supermarket and petrol prices than a year ago. If you recall, in early 2015, we had deflation where prices were dropping!
So what does this mean for the Walsall property market … especially the tenants?
Ding, Ding!! Seconds out – Round 8! George Osborne today delivered his 8th Budget Statement as Chancellor of the Exchequer. Many consider the number 8 the luckiest of all numbers, and in Chinese culture it is favoured by business due to its association with prosperity, wealth and success. Although, in boxing terms, not many fighters predict a knock out in round 8. So, has Mr Osborne finally delivered the sucker punch to Walsall landlords?!
As per my previous article, after receiving numerous calls and emails on the recent upcoming changes to the ‘Stamp Duty’, I feel I have to write about the subject this week…
Our Chancellor of the Exchequer, Mr George Osbourne announced in his autumn statement that from April 2016 investors buying any buy to let property will have to pay an additional 3% stamp duty in addition to the standard rate. This has caused many landlords to ask the question; whether or not purchasing a property in Walsall will still be a viable option?
So for example, It means that the stamp duty bill for a £150,000 buy to let home will rise from the current £3,000 to £7,500 from April next year.
Many property experts are saying that property in Walsall will be worth less because potential landlords will not be willing to pay as much for them, and if house builders or existing homeowners don’t feel they are going to get as much for them, then there is less motivation to build or sell?… and the person we can blame for this is George himself. Back in 2012, he chose to utilise the British housing market to kick start the UK economy with subsidies and initiatives such as Funding for Lending and Help to Buy. However, whilst that helped the Tories get back into power in 2015, some say that this impressive growth in the UK property market has been at the expense of pricing out youngsters wanting to buy their first home.
Others say that this is the straw that is going to break the camels back as, over the next four years, landlords will slowly lose the ability to offset all their mortgage interest against tax on rental income, after changes announced in the Summer Budget. At the moment, landlords can claim tax relief on buy to let mortgage monthly interest repayments at the top level of tax they pay, typically 40%. However, over the next four years this will reduced slowly to the basic rate of tax – currently 20%.
So, that’s it then! Surely this is the end of Buy to Let in Walsall? Well, it’s not great news is it? But, before we all run to hills panicking… let me give you another thought.
Although your Stamp Duty bill will rise, George has left a significant loophole in the new rules. When it comes to selling your investment property, you can offset the purchase costs against any eventual capital gains tax; including stamp duty.
I still firmly believe that total returns from buy to let will continue to outpace other investments, such as the stock market, gilts, bonds and even pensions. Also, the best part about investing in property is that it is bricks and mortar. You can touch it, you can feel it, and it isn’t controlled by some City whiz kid in Canary Wharf… the British understand property and that goes a long way!
Buy to let has enough impetus behind it that prospective landlords will continue to buy even with a larger stamp duty bill. Walsall landlords will need to be savvy with what property they buy to ensure the extra stamp duty costs are mitigated. Buying buy to let property is a long term venture. In the past, it didn’t matter what property you bought in Walsall or at what price – you would always make money. Now with these extra taxes, the adage of ‘any old Walsall house will make money’ has gone out the window. You wouldn’t dream of investing in the stock market without at least looking in the newspapers or taking advice and opinion from others, so why would you take the same advice and opinion about buying a buy to let property in Walsall?
One source of information, opinion and advice is my Walsall Property Blog; sign up for new articles by email now!
Phone: 01922 311016
Email: salekm@ashmorelettings.co.uk
Lord Street, Palfrey, Walsall, WS1 is on the market with Homepoint – Walsall (01922 312002) priced at £99,950. Full particulars are available on the link below:
http://www.zoopla.co.uk/for-sale/details/photos/38039763
It may not be the prettiest type of property or in the most affluent area of Walsall but there are many other pros which attracted me to this property. The first point is the yield which at 6.3% is a good return in any investor’s book. Also, the property seems like not much work is required (other than decoration preference). Being in a community where family accommodation is highly sought after this should rent out all day with very little void periods in between tenancies.
Close to Bescot Retail Park, Bescot Stadium (Sunday Market), Morrisons, J9 of the M6, Palfrey Park and my favourite Kebab Shop! Just on the market I would have no hesitation in recommending this to investors seeking a good return in perhaps an unlikely investment property.
If you wish to discuss the above or have any other property related matter you’d like to discuss, I’m happy yo hear your thoughts. Please feel free to contact me or why not send me a link to the property you would like to discuss.
Phone: 0345 257 9850/ 01922 637672
Email: salekm@ashmorelettings.co.uk
Well, the last few weeks have been rather hectic as Walsall landlords. Some who use us to manage their properties and other landlords who just read our Walsall Property Blog, have been sending me emails or picking the phone up to me about the new rules on buy to let taxation announced in the recent budget and the side effects of such policies.
George Osborne confirmed in the recent summer budget that the tax relief given to landlords on mortgage interest payments, on their buy to let Buy-to- Let (BTL) properties, would be reduced over the coming years for higher rate income tax payers. The Chancellor said the tax relief that private BTL landlords (who pay the higher rate of income tax) would change in 2017 from the current 45%/40% and would steadily reduce over the following four years to the existing 20% by 2020.
Wrexham Avenue, Bentley, Walsall, WS2 is on the market with Love Your Postcode B’ham (0121 659 7776) priced at £114,950. For the full particulars please click on the link to the agent’s advert below:
http://www.zoopla.co.uk/for-sale/details/photos/37949696
I have to say that I like the look of this property which is situated ideally near J10 of the M6. It has plenty of plus points such as a nice fitted kitchen/ diner and a spacious lounge and conservatory downstairs. A low maintenance rear garden and an upstairs bathroom which you sometimes do not get with these types of houses. Not to mention the cul-de-sac location. The only con is that the driveway is shared and I personally don’t like the argy-bargy of sharing. However, there is plenty of space to make suitable future changes with a garden out front which looks like you would be able to fit several cars after adding a driveway.
An elderly gentleman popped into the office a couple of days ago to ask about, of all things, inheritance tax! He had read an article in our recent newsletter and wanted some more information so I put him in touch with our tax specialist to arrange a chat. We got talking about investing in the Walsall property market and he reminded me that in his day, you could have bought a property for the same price as a decent second hand car would sell for today and that his father was buying property for the same price as a decent 50 inch LCD TV!
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