The recent Chancellor's Budget changes of rules on how people can access their savings in retirement. Savers will be allowed to withdraw their entire pension fund, (subject to conditions), from the age of 55 or over
‘Silver Foxes’ entering the Buy to Let market.
The recent unlocking of rules on how people can access their savings in retirement, could herald a new breed of ‘buy to let pensioners’.
The Chancellor’s Budget announced that savers will be allowed to withdraw their entire pension fund, (subject to conditions), from the age of 55 or over, rather than take the money slowly as an annual income, such as an annuity.
A recent survey reported that the buy to let market has outperformed all other mainstream investments over the past 18 years, making this an extremely attractive option.
Property prices are starting to rise. There are some great deals out there for potential investors. In Bangor West, there are still houses for sale in £125,000 range. With Rutherglen Park in Bangor renting for £695/m, that would give a respectable yield of 6.7%.
Buy to let continues to offer great opportunities, but potential investors must have a clear strategy, and it should never be considered as a ‘get rich quick’ scheme.”
Belvoir Lettings do not sell properties. We do however offer free, impartial advice on whether the property you want to buy will rent and at what price. For more information, please call us or pop into one of our offices for a chat with either Jackie, (in Bangor - 028 91 477 999), or Trevor (in Newtownards - 028 91 821 999).