Even more reasons to Invest on Tyneside
Save £7,500 on Property Investment in North Tyneside now
If you are considering investing in North Tyneside or Newcastle Upon Tyne, then now could
be the ideal time.
There are a number of factors, such as the time of the year, the national housing crisis, and developments in the area, all which make investing now potentially an attractive proposition.
Acting quickly could bring a number of cost savings, too. Here’s why …
House prices continue to rise
House prices in the region continue to rise – recent data reveals that residential property prices
in the North East have risen by 1.4% year on year with the same data anticipating an overall average national price increase of £17,000 by this time next year.
North Tyneside is an upcoming area
As we have recently reported in previous blogs, the region has seen improvements in infrastructure as well as heavy investment from businesses in the area. These transport improvements and employment opportunities will attract more professionals to the area who will be seeking somewhere to live.
And with a national housing shortage, these professionals may choose to rent rather than buy – particularly as a recent study from the National Housing Federation suggested that the average worker in the North East would need a 46% pay rise in order to secure a mortgage.
If these reasons weren’t enough to tempt you to invest, an extra bonus is that buying now could save you money.
Act fast to save money
While property prices continue to rise overall, prices have decreased by 2.4% since November. This is an expected seasonal trend as the month of December always experiences a drop in house prices nationwide, due to people being busy.
This means that savvy investors may wish to take advantage of the monthly decrease in property prices to save money.
- In November the average property price in the North East was £142,917.
- In December this has dropped to £139,449.
Buying now means you can save around £3,500 on the average price of a property compared to a month ago.
Investing in property now may not only be cheaper to do than it was last month, but could see you save money on the associated purchase costs too.
Beat the stamp duty hike
Following the Government’s Autumn statement which announced a 3% surcharge on buy to let and second home purchases from April 2016, purchasing now and completing before April 2016 means you will pay less in stamp duty.
- Based on an average priced house in the area today, buying a property now for £139,449 will attract £288.98 stamp duty.
- [SH1] Investing in the same property and completing after 1 April 2016 will attract stamp duty of £4,472.45[SH2]
Invest now and you could save nearly £4,200 on stamp duty costs alone.
As our article shows, investing in North Tyneside or Newcastle now may be advantageous on many levels – and average savings of £7,683 are just one of these reasons. The key here is to act fast – and this is where we can help.
At Villabela Properties, we can help with every aspect of your new investment, from sourcing the right property for your own unique requirements, to managing every aspect of it such as refurbishment and carrying out health and safety checks & much more. Please browse our website and soak up the content as we look ahead at providing you with a bespoke property management service.
Contact Gary Abela at Villabela Properties to connect and discuss your requirements
01912621260 - 07958258914
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