50% boost in enquiries announced as buy-to-let stampede takes hold

50% boost in enquiries announced as buy-to-let stampede takes hold

by Kate
  • Buy-to-let consultancy reveals 50% increase in enquiries following stamp duty hike announcement (Surrenden Invest)
  • “Residential property will remain the UK’s most profitable asset class long after 2016” (Jonathan Stephens)
  • Royal Victoria Residence, London, witnessing increased demand

One of the UK’s most prominent property investment consultancies has revealed the huge impact of the stamp duty hike, announced by the Chancellor late last year and due to come into force as of 1st April, on the buy-to-let market.

Surrenden Invest, based in the capital, has released new figures which show that in the past 3 months, since the Autumn Statement, new enquiries into their current investment projects have grown an impressive 50%.

Jonathan Stephens, Managing Director of Surrenden Invest, explains more,

“As soon as the news broke from the Autumn Statement our consultants received a greater volume of enquiries, the phones were literally ringing off the hook! Since then, there has been a significantly heightened level of demand from clients looking to push their purchase through by 1st April or commit to purchasing good quality stock before the revised stamp duty rates kick in.”

The new legislation introduced by Chancellor of the Exchequer, George Osborne, in November is set to come into play from 1st April this year and will see an additional 3% added to the amount of stamp duty those buying a second property will have to pay. There have been murmurings in the industry that the impact of the changes will long-term be a negative one and that despite a potential boom-time now, the number of people purchasing for buy-to-let reasons from April onwards will drop off dramatically from pre-announcement levels.

This is not, however, a view shared by Jonathan Stephens who says,

“It is certainly all about buying at the moment, although I don’t think people should worry about any suspected negative impact of the new legislation on the market, post-April. Compared to the majority of international real estate markets, closing costs in the UK will still remain comparatively low – some overseas buyers are used to paying up to 15% to close a deal back home. UK buy-to-let looks likely to continue to be an attractive asset for those seeking a savvy investment and we believe that residential property will remain the UK’s most profitable asset class long after April 2016.”

Surrenden Invest focuses on high yielding buy-to-let properties, considering the very best investment opportunities in the UK, and currently offering projects in London, Manchester and Liverpool. One such project that is currently gaining increased attention from buyers is Royal Victoria Residence.

Located just minutes from the planned Custom House Crossrail station, the superior one, two and three bedroom apartments, due for completion Q4 2017, will benefit from premium amenities, including a 24-hour concierge service.

Curved balconies, views of the Thames and Canary Wharf and sleek interiors are bound to prove popular with the demands of modern tenants and, this combined with the projected 40% growth in the area by 2020 due to the Crossrail effect, makes Royal Victoria Residence one of London’s key riverside investment opportunities. Prices range from £390,186 to £854,459.

For more information, visit www.surrendeninvest.com or contact Surrenden Invest on 0203 3726 499.