We’ve been running our seminars for a number of months now and this week we invited a complete novice to the landlord area to visit and review our evening for us.
“For a brand new to the buy to let market potential investor the evening was both informative and interesting. Nidhi had gathered some impressive and useful speakers from different areas which were relevant to the audience – a mortgage advisor, an independent financial advisor and an accountant – as well as the local councillor, to give information about their area in relation to being a landlord.
One of the points they raised stuck with me above many of the nuggets of information they shared – the fact that 82% of landlords pay basic rate tax – so the myth that you have to be a high earning wealthy person to be a landlord was dispersed.
Research has shown us that the next generation will probably mostly be renters – they won’t have the deposits available to them to put down on a property with the intention of buying, which means there will be a ready supply of tenants and good news if you’re thinking about becoming a landlord. Of the people who may buy, they will be looking to take out a mortgage with a 30+ year term in order to be able to pass the affordability test. Things point more towards renting being the more viable and sensible option than ever before.
Councillor Jayne McCoy gave information about the plans to build and redevelop housing within the Sutton borough, looking at new ideas and the intention to build 427 new homes per year for 15 years. The borough of Sutton is a desirable place to live. With its proximity to London and the M25, it attracts people who work in London and in the South of England. It offers a range of housing in a suburban area – plenty of choices of accommodation from flats and maisonettes to terraced, semi and detached houses, many with large gardens. There are over 100 areas of public green spaces making it a lovely place to live, work and bring up a family. Redevelopment of the high street, regeneration and mixed retail, entertainment and housing units have seen the high street change over the last decade. Large companies are choosing to locate their offices here which means that there is an influx of new residents and workers who all bring something different to the area and boost the local economy.
It was a fascinating evening and if you are able, please attend the next seminar and find out more about the potential for investment in the area.”