Date Published 16 December 2015
Just a reminder for those who have been thinking about buying a property for investment in Billericay and the surrounding area in 2016 - there will be a 3% rise in Stamp Duty for people buying second homes, starting from the 1st April 2016.
As an example, the revised stamp duty on a £250,000 buy-to-let property (I reckon the average in Billericay) will jump from £2,500 to £8,800.
Now this may put off a lot of people buying properties for investment. The result being less rental properties available in Billericay and Basildon. The plus side of this, is that rents will likely rise, so you will achieve a better yield on any present properties you rent out.
And of course, a future bounce in rent achieved, could help to offset to the additonal stamp duty over time.
It might be an idea for 'Hentons' to give you an anticipated present day rental valuation, so you can ensure you are keeping up to date with the rent you are achieving...