The purpose of the event was to advise landlords on the latest regulations and amended tax rules, so that they could be confident where they stood both legally and financially.
The majority of landlords who attended owned one or two properties, with many of these being “accidental landlords” (becoming involved due to a change in personal circumstances or took advantage of the change in pension access rules etc.), and who were the ones most likely be hit by the changes.
The overriding message of an enjoyable event was, essentially, how vital it is to get astute advice from those who manage, sell and buy, and let property every day on a full-time basis.
Another key discussion at the meeting was where is smart property money heading?
Simon East, my very long-time business partner, co-founder and managing director, gave an interesting presentation on his 32 years experience and huge changes since we started Rolfe East. As he regaled, over this time the London area has grown considerably; Ealing was considered a suburb back then and is now very much part of “London proper”. However, the city is expanding like foam and with the impending arrival of Crossrail is fast becoming even larger.
In answer to the question, the shrewd eyes are casting their gaze further afield. We have already noticed a big shift from those who invested in Kensington & Chelsea and headed out to Ealing and Acton; they are now venturing into Greenford where, as I posted the other week, yields of an impressive 6-7% can be realised.
What will we see next? As James T Kirk used to say at the start of every Star Trek episode, “Our five-year mission is to boldly go…,” albeit he then says, “where no man has gone before,” but with investors it is certainly to explore further west; if not the galaxy!
It is certainly not out of the question, if I may be so bold, that in 20 years time Maidenhead will be classed as London. One of the prime reasons for this is the Crossrail travel trip of a mere 43 minutes or less to the all-new sparkly Tottenham Court Road station. This will make significant difference, with commute times being one of the major buying points on where people choose to live.