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The Chancellor announced this week that buy-to-let investment purchases would be subject to an additional 3% stamp duty cost as of April 2016. Here are my thoughts on what effect that will have on our market;
I believe that many potential investors who are on the edge of making the all important, do I/don't I decision, will now have one more reason to move quickly and expedite their purchase. In clear terms, on a property purchase price of £250,000, there will be an extra cost of £7500 if you buy that same property after April 2016. Investors are a canny bunch and this means that they are ALL about the numbers. So, many people are now predicting a stamp duty stampede (try saying that quickly or after a few glasses of your favourite red!). Investors will be asking themselves "Why wait and incur an extra cost?!" And its a fair question. Our nations population is increasing and our new home building rate is actually going down. There has never been, in my opinion, a better time to be a landlord.
This news comes at a very interesting time for the property market. Where November, December and January have traditionally been quieter months, I believe the revised stamp duty structure will add extra impetus to a market where stock levels are already low. When you also consider that the major property portals actually record massive spikes in website visitors over the festive period, I genuinely feel we will continue to see both price increases and high levels of demand all the way through the next few months.
This means that if you are looking to sell, now is a great time to get your property on the market. Any agent who tells you otherwise, is absolutely not in-tune with current market conditions. Feel free to contact me or one of my team for a current valuation on your property; we may well surprise you!
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We are happy to announce the most recent addition to our awards family! Landmark are the most recent recipient of the Best for Lettings in the Docklands area at the Real Estate and Property Awards 2015..
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Landmark Estates joins national award scheme recognising the best estate & letting agents in the UK.
Landmark Estates, the Docklands based agent has entered the Estate & Letting Agent Awards. The scheme recognises the best agents based on research conducted through sellers, buyers, tenants and landlords around the UK.
The award scheme, known as The ESTAS measures the quality of customer service provided by agents through the home buying, selling and rental process.
Phil Spencer, TV Property Expert says “I think it says a great deal about a company that’s prepared to stand up and announce to customers and competitors that they believe in providing the best possible service and they’re happy to prove it. These awards help agencies to focus on customer service levels and that’s why so many sign up each year”
“Taking part in the ESTAS sets agents apart from their competitors. It sends a clear message that they are passionate about customer service, prepared to go that extra mile for their clients and keen to listen to feedback”.
David Smith manager of Landmark Estates said “We take our levels of customer service very seriously because we know clients have a choice. We have always been very proud of the personal service we provide and this is great way to demonstrate how good we really are.”
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I am pleased to announce that I have been invited to attend the BuyLondon event at Canary Wharf as a guest speaker. Hosted by Sina and The Wharf, I will be presenting to a large room, full of potential Chinese investors at the West India Quay Marriott. My presentation is entitled "Why buy property now" and I look at the drivers behind property price increases and the rental market. Please contact me should you wish to attend as this is a ticket event only. Click the link below for further info on this exciting event:
For another reason to attend, Landmark have offered an iPad as a free raffle prize tomorrow evening.