In the UK, property is still perceived to be the safest, most reliable way to secure your financial future. Unlike the volatile up and down swings of the stock market or the gambler’s game of cryptocurrency, property has seen a sure, steady growth over the past decade that has made people millionaires by sitting on their asset!
We would always advise those looking to park their wealth and gain an income from it, to buy-to-let, especially in today’s market climate. Meanwhile, for those starting from humble beginnings, you also have the benefit of the amount of buy to let mortgage products increasing by 50% in the past 2 years, which will enable you to make a start on your new portfolio without having to buy the first property outright!
When it comes to the amount of growth, and reasons behind it, London is still sitting top of the heap in the UK. At the moment, Brexit uncertainty abounds and cities across the UK are experiencing dramatic demographic, socioeconomic & commercial sector changes. Due to London’s unique outward look, well-developed corporate sector and base of government however, it is the safest place to own property.
Not only does London gain from having a current abundance of property wealth, it also has income flowing into it constantly from overseas. Wealthy people around the world see the benefits of having their finances stored safely in property here, while developers around the world see it as a massive opportunity for their own growth. At the same time, millions of people make London their home from all economic backgrounds, the city is rich in tourism and culture & political rule lets property developers have a lot of freedom with the market.
What this means for you is that there has never been a better time to build a property portfolio in London!
London Lettings will enable you to build a stable, secure income for you, while also gaining the benefits of continual growth in the years to come. The area has constant migration, so you’ll never be long without an income if any of your tenants move out, and prices are enough to make a real take-home profit from even a small portfolio.
If you are looking to build a portfolio that requires little management from your part and you’d like to just sit back and reap the rewards, then it’s important to find a letting agent. At the moment, as London has such a burgeoning property market, there are many Letting Agents in London. It’s important that you find one that not only has a great reputation with finances and profit for their customers, but also with a network of contacts that will enable you to build out your portfolio further.
Finally, one word of caution; if you are looking to build a portfolio of more than 3 properties, speak to an accountant or business advisor first. Due to new UK laws, it might save on your tax bill if you buy the properties under a limited business instead!