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Stamp Duty Changes for Landlords from April 1st 2016

In the Chancellors Autumns statement George Osbourne announced from April 1st 2016 a new 3% additional stamp duty rate on any property bought as a buy to let or as a second home, will see the tax on a £175,000 purchase jump six fold from £1,000 to £6,250 (see table below).

Not only will prospective landlords have to pay far more than conventional residential buyers, they also face much heavier taxes on their profits. The maximum tax relief will drop from 45% and 40% to just 20%, so that an investor with a £150,000 buy-to-let mortgage on a property worth £200,000 is likely to see his or her net annual profit reduce from £2,160 a year to £960.

Stamp Duty rate Example

Purchase price

First Home

Buy to let / second home

£100,000

Zero

£3,000

£125,000

Zero

£3,750

£150,000

£500

£5,000

£175,000

£1000

£6,250

£200,000

£1,500

£7,500

£250,000

£2,500

£10,000

£300,000

£5,000

£14,000

£400,000

£10,000

£22,000

Figures for England & Wales only.  Scotland has different duty rates.

 

Moving Habits in Welwyn Garden City

House prices in Welwyn Garden City are continuing to rise on average 10% per year with buyers coming from a 50/50 split locally in and out of the area, with many buyers moving out of London to get better value for money.

The most popular type of property is a three bedroom family home.  Our Open House events create a lot of interest and very often the property is sold from this day.  Typically we will get about 14 people viewing and a sale is agreed after the weekend, an efficient way to get the best price in the shortest time. See our customer reviews: http://wgc.wrightsof.com/testimonials

For property search go to: http://wgc.wrightsof.com/search

 

Lettings in Welwyn Garden City

What is a healthy return for a Landlord?

As a basic rule a good return would be 5% of the purchase price.  Welwyn Garden City remains a popular area for buy to let investors, with most properties achieving a healthy 5% yield, combined with strong capital growth.

To work out the yield:

Example:

Net rental income £10,000

Property cost £200,000

£10,000 divided by £200,000 equals 0.05 or 5%.

For lettings search go to: http://wgc.wrightsof.com/search

 

Schools in Welwyn Garden City

There are no shortage of primary and secondary schools which are judged “good” by the government’s education watchdog Ofsted, and the following are judged “outstanding”: Templewood in Pentley Park; Applecroft in Applecroft Road and St John’s Cof E in Lemsford Village.
 

Two of the three comprehensive schools in the town are judged “good”: Stanborough in Lemsford Lane and Monk’s Walk in Knightsfield.

Sherrardswood School in Lockleys, Welwyn (ages, three to 18) is the sole private school

For more information on Ofsted reports, catchment areas etc go to https://www.schoolguide.co.uk/

 

Transport Links

Welwyn Garden City has good rail links in and out of London King's Cross in less than 30 minutes on the East Coast Main Line.

It's also possible to travel north to Peterborough and Cambridge without changing trains plus also take a slower service to/from London Moorgate. The station is conveniently located in the town center adjacent to the Howard shopping center where the ticket office is located.

For journey planning click here: http://ojp.nationalrail.co.uk/service/planjourney/search

There is a regular bus service in and around Welwyn Garden City click here for more information:  https://www.arrivabus.co.uk/south-east/places/welwyn-garden-city/

The A1 is a 5/10 minute drive from Welwyn Garden City giving great access for North and South routes and provides fast, easy access to the M25.

Luton Airport is a 35 minute drive (13 miles) and Stanstead Airport is a 44 minute drive (26 miles)

 

Shopping and eating out in Welwyn Garden City

In the heart of the town is a John Lewis Department store, Waitrose, Debenhams, Marks Spencer and the Howard shopping centre.

For the die-hard shopper, take a 35 minute drive down the A1 to Brent Cross shopping centre, North West London’s premier shopping destination, home to over 2,000 leading designer brands and 120 stylish stores including Fenwick and John Lewis.

There are a number of coffee houses and chain eateries in the town centre, sophisticated fine dining experiences are within a short drive.

 

Leisure activities in Welwyn Garden City

On the outskirts of the West side is Sherrards Park Wood a large rural ancient woodland. Stanborough Park is a beautiful countryside park and water sports centre, covering an area of 126 acres.  Sports enthusiasts are catered for by the impressive Gosling Sports Centre, a ground breaking 50 acre complex offering a diverse range of sports and leisure

For Golfers there is Welwyn Garden City Golf Club, founded in 1923 and is the home club of Sir Nick Faldo.  For a more exclusive club there is the grand Brocket Hall boasting two coursers and a golf academy.

 

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