Apartments to launch in newest property hotspot
6 was ‘Pension Freedom Day’, meaning that from that date anyone who cashes in a private pension plan is no longer required to buy an annuity, an insurance contract that pays a guaranteed income for life, and instead can cash in their savings and use the money as they wish.
The number of cheap deals on the market has risen more than three-fold in a year, with the average two-year rate dropping from 3.7% to 3.45% in just six months, and pensioners are being tempted into taking a punt on the proper ty market.
New research from Moneyfacts, which analyses financial products, shows that investors can choose from no fewer than 226 different fixed-rate deals compared to 162 six months ago and 71 a year ago. It defined this as two-year fixed deals below 3% or five-year fixed arrangements with a rate under 5%.
The new pension rules have grown the potential pool of buyto-let investors, with those over 55 able to access their money more easily, although subject to their own marginal tax rates and, fur thermore, because lenders face fewer rules on buy-to-let mor tgages. This is because it is treated as business lending, in contrast to residential lending which is tightly regulated by the Financial Conduct Authority.
Charlotte Nelson of Moneyfacts said, “Buy-to-let mor tgages are experiencing a renaissance, becoming not only more widely available but cheaper too.”
But those looking at this route as an alternative to a pension need to look at all aspects of the mor tgage.
Many lenders restrict the age people can borrow up to, so older borrowers would be wise to seek the guidance of a financial adviser who can access a larger por tion of market. With easy savings to be made you are now likely to be recouping more in rent, which will allow you to get a bigger return on an investment.”
For nearly 20 years Gibbs Gillespie has helped proper ty investors minimize risks and maximize returns on proper ty investment. We can advise you all the way, but the finances need to be reviewed carefully. Pension savers need to plan taxefficient withdrawals of their money or could face large bills from HMRC!
PAUL GILLESPIE; 020 8426 1972; email@example.com; www.facebook. com/gibbsgillespie;Twitter: @ gibbsgillespie
ALBANY House is a brand new development of apartments from established developer, Howarth Homes Plc, due to launch in West London’s newest property hot spot,West Drayton next Friday (5 June).
Albany House is the latest phase of new homes to join the Howarth Homes ‘West Drayton Collection’ and will offer a stylish collection of one and two bedroom apartments. Set in a convenient location, moments from West Drayton station and shops, the apartments will be available to purchase off-plan.
With completions less than 12 months away, they will appeal to investors and owner-occupiers alike due to the superb presentation, design and layout they offer.
Nicholas Jordan, of Cameron Group, commented: “With the arrival of Crossrail fast approaching, demand for homes in West Drayton has soared way ahead of expectations. In the last 12 months alone we have launched over 180 new build apartments in West Drayton across a mix of schemes, and sold within literally days of being released.
“Demand has been such that between 85% to 90% of every phase of apartments released for sale was reserved on the launch weekend, with any remaining units being sold soon after. Many of the properties have been purchased by forward-thinking investors anticipating a significant capital growth in the value of their properties.We therefore expect Albany House to be equally well received.”
Pricing and availability
Prices are expected to start from
This new collection of apartments in West Drayton, moments from the station and shops, will be available to purchase off-plan.
West Drayton train station offers regular services into London Paddington with journey times of just 25 minutes, or to Reading in 33 minutes. From 2018, residents will benefit from the Crossrail Station, facilitating rapid travel to Bond Street in 23 minutes or Canary Wharf in 37 minutes. Easy proximity to the M4 and M25 provides instant access to the road networks across the South East. In addition, Heathrow Airport is also close by, and will be accessible in just eight minutes with Crossrail.
£219,995, with rental yields forecast at just under 6%.The apartments represent an attractive proposition for investors.
Alongside the healthy monthly return, ongoing investment in the surrounding area, including the arrival of a Crossrail link from West Drayton Station, indicates potential appreciation in value for property resale in the mid to long term.
The scheme will be released in a single phase on 5 and 6 June at the West Drayton office of Cameron Estate Agents, 115 Station Road,West Drayton, UB7 7LT. For further information or to register for details of the launch weekend, please contact Cameron Estate Agents on 01895 444 424 or email albanyhouse@ camerongroup.co.uk