New homes investor event at Somerset development this weekend
Posted 29 January 2016 by Keith Osborne
Prospective buy-to-let investors have been invited to a special event by Elan Homes at its Kingsbury Gardens development in Milborne Port, Somerset this weekend, where they might find a suitable investment property before the new stapp duty surcharge kicks in on 1 April.
The event takes place between 11.00am and 3.00pm on Saturday 30 and Sunday 31 January at Kingsbury Gardens, where the Elan Homes team and independent mortgage experts will be on hand to inform visitors about the property on offer and their financial options for securing one as a buy-to-let home.
A three-bedroom semi-detached ‘Fenwick’ house type at the development, priced at £240,995, could offer a potential rental income of £850 per month, which could produce a potential yield of 4.23% for the owner.
Nigel Croucher, director at KMC Mortgage Solutions, says: “I believe Kingsbury Gardens provides an excellent opportunity for prospective investors due to its excellent location, with easy access to both the A30 & A303 and direct links to London from Sherborne rail station.
“It’s ideal for those looking for quality new build properties with low maintenance and well-proportioned accommodation to meet the needs of families. With the deadline looming to purchase before the increase in stamp duty rates, now is the perfect time for investors to take advantage of low-cost borrowings from a wide choice of lenders.”
On 1 April, the stamp duty rate on a £200,000 property bought as a buy-to-let or as a second home, will soar from £2,500 to £10,000.
Andrea Nippe, sales director for Elan Homes in the south of England, remarks: “Buy-to-let buyers will only pay the same rate of tax as other purchasers for a few more weeks, so we thought it was the perfect time to host an advice event, where we’ll also be taking reservations on the final homes available at Kingsbury Gardens.
“For many people, putting money into bricks and mortar is a savvy choice. While the rental income can go towards paying the mortgage, in a rising market as we are currently experiencing, the increase in the property value over time is generally much higher that any return on savings in the bank.”
There is a choice of three- and four-bedroom semi-detached and detached new homes at Kingsbury Gardens, which is just three miles from the historic village of Sherborne. Current prices for a three-bedroom detached home start from £240,995 and the last four-bedroom home is priced at £279,995.
Find out more at www.elan-homes.co.uk ; 07891 312887