In the wake of the Brexit verdict, the UK property market was rife with uncertainty. People investing in property in the UK were unsure about purchasing buy-to-let property for sale – concerned that the unstable market would have a detrimental impact on their returns.
However, after three months, property prices in the UK, particularly London, are starting to settle.
Here’s a look at what the market is doing at present, and some advice on whether you should be looking for investment properties in London or not.
Increased Stamp Duty
London’s property market experienced considerable disruption this year – not just as a result of the EU referendum, but also because of the increase in Stamp Duty tax for second-home owners. This encouraged landlords to let rather than sell, which in turn, had dramatic impact on the capital’s rental market.
Fewer houses were coming to market, prices were being driven up, and this forced more first-time buyers into rented accommodation. In short – it was a positive outlook for landlords, but not so welcome for those looking to get on the property ladder.
Investment Properties in London – What’s Letting Well?
If you’re searching for buy-to-let property for sale in London, it’s important to have good understanding of what type of accommodation is proving most popular with tenants. At present, one- and two-bed flats are increasingly sought after; particularly if close to a train station.
Prices are slightly lower too – which means, as long as you’re not planning to try to ‘flip’ your property, you should enjoy capital growth in the future.
Buy-to-let Property for Sale in London
Now is undoubtedly a good time to start searching for buy-to-let property in London. Prices are lower than they were at the start of the year, and there’s also less competition on the market – despite the fact that demand for rented accommodation is so high.
There’s good opportunity to get more for your money; particularly if you explore the outer suburbs of London, such as Bromley, Barking or Hounslow. In particular, explore the areas that are due to be included on the Crossrail line, as these promise excellent capital growth in the future.
Getting the Most Out of Your Investment
Attending London property auctions is a good idea, if you’re looking for a bargain buy-to-let property for sale. Although the larger London auction houses are popular, there’s still plenty of opportunity to find a property for far less than the typical asking price.
Likewise, working with a specialist property investment agent in London is also a smart move – as they’ll be able to offer advice about the current market, and help you identify key areas to base your property search.
The Buy2Let Shop in Bromley
The Buy2Let Shop are situated in Bromley, and specialise in helping investors find the right property for their portfolios. We also assist with buying a house at auction, and regularly host property investment seminars in London, designed to boost your knowledge of the market.
To find out more, simply contact the team via The Buy2Let Shop website.