John at WSE Property Services looks forward to more Brighton based property development in 2017
My first blog post of 2017 is well overdue – September to, well, about now, is always a busy time for us at WSE Property Services. Our latest renovations are fast filling up and both Helen and I have been elbow-deep in planning proposals over the recent months.
Changes
2016 was a tricky year, and there’s no doubt that sentiment has been mixed on the property market although in Brighton, we remain very optimistic with the local market for rentals remaining strong.
We’ve also had some potentially good news on the residence nil rate band for UK inheritance tax, which will benefit residential property owners.
Landlords will begin to feel the tapering of mortgage interest tax relief in this tax year though, so it’s a good time to review portfolios and work through numbers.
Reviewing portfolios
I’ve helped a few local landlords through that process over the last weeks, helping them to better understand the true value of their own portfolios as well as giving them some alternative ideas.
I have also been looking at our own portfolio and making sure all of our properties are pulling their weight.
It’s been widely reported that Buy to Let is dead – this is certainly not true where my investments are concerned.
However, if you have not done so already, you do need to review your portfolio with both a specialist tax accountant and a mortgage broker as soon as you can, with reference to the recent changes in taxation.
Planning
I see my broker weekly, and I also use a specialist property tax advisor, despite my father being a chartered accountant.
Everybody’s situation is different, so it’s essential that you take advice from the specialists. Work out what is the best for you and for your portfolio, in line with your business strategy and tax position.
What your mate down the pub is doing is neither relevant nor appropriate to your situation.
With reference to our detailed audit, and after listening to professional advice, Helen and I are excited to be planning the next steps for WSE and our growing portfolio, which currently spans Brighton (but may well be wider come this time next year).
Property search
I am constantly on the lookout for new properties that meet our criteria; in terms of location, development opportunity, the potential rental amount and meeting our financial tests.
We deal with both landlords and vendors directly, alongside using traditional search methods, such as agents and online search.
If you are or know of anyone that is interested in selling property in Brighton, or if you want to talk through some options please do contact me.
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