With house prices continuing to rise across the UK, and interest rates still at rock bottom, it’s not surprising that a lot of people with cash in the bank are looking to put their money in property. Holiday homes, especially ones located in desirable areas, offer investors the chance to grow their money, profit from rental income and enjoy limitless breaks in the beautiful English countryside.
Though there are always some risks involved when investing in property the benefits, and potential profits, tempt many to invest in property. If you’re currently considering purchasing a holiday home in Norfolk, here are a few things to think about when searching for your second property.
As of April 2016, anyone buying a second home in the UK will have to pay a higher rate of stamp duty. Adding a considerable amount onto the cost of purchasing a holiday home, this extra SDLT is something you need to take into account when calculating your finances.
According to the Royal Institute of Chartered Surveyors, house prices in East Anglia were predicted to rise more quickly in 2016 than prices in any other part of the UK. The experts estimated the average home would go up in value by a huge 8%, more than both London and the South East. With demand in the region continuing to grow, these rapidly increasing prices show no sign of slowing, indicating that you could see great returns on your investment if you buy a holiday home in Norfolk.
As well as impressive capital growth, your Norfolk holiday home could also provide you with regular rental income. The weak Pound, coupled with security concerns, has lead to record numbers of Brits shunning foreign travel and opting for ‘staycations’ instead. Visit East Anglia reported a 25% increase in enquiries in the summer of 2016, showing there’s huge demand for holiday rentals in the area.
One of the biggest bonuses of owning a holiday home in Norfolk is the opportunity it offers for endless escapes. When your property isn’t being let out to paying guests, you can stay as often as you want, slashing your annual holiday spend and giving you an investment you can really enjoy.
With house prices on the up and demand for holiday rentals higher than ever, now really is the perfect time to invest in a second home in Norfolk. To find out about opportunities in the area, explore our site today.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
For more free tips on Property Investing SIGN UP HERE.