With experts warning that the sharp rise in capital gains tax could stagnate the housing market and reduce the number and quality of rental properties on offer, a local estate agent in Suffolk is urging savvy property investors to remember that gains tax depends on a rise in capital appreciation and long-term investment opportunities should still be considered.
In areas like Herringswell, where The Manor, a stunning converted historic manor house by City & Country Group is situated, there is a constant demand for rental property because of the nearby United States Air Force bases, according to Balmforth Estate Agents. Buy-to-let landlords that rent out to the continuing supply of military personnel can expect to achieve a rental yield that is well above the national average and avoid short void periods between tenants.
Robert Lewis, a Partner at Balmforth Estate Agents in Mildenhall comments: “Buy-to-let landlords in Herringswell and the surrounding area are seeing some of the best rental returns in the country at the moment. With an almost exclusively American military rental market, and the security that this provides, results for investors have been excellent and we would certainly identify a purchase in Herringswell as a sensible one, even with all of the talk of a hike in capital gains tax.”
Robert continues: “The long term standing of the airbase in the local community means that an investment in the market is a secure one. From our experience, all of the properties at The Manor have rented quickly and easily and tenants from the airbase are extremely secure, reliable and easy to manage. They particularly love the high quality, traditional English country house lifestyle which is available at The Manor, and it’s located just 10 minutes down the road from the airbase – so for them it couldn’t be more perfect.”
The distinguished Grade II listed Manor House and estate buildings have been converted into stylish, contemporary apartments and houses, each with a style and character of their own, that are ideal for a wide range of homebuyers looking to combine classic period features with the very latest in modern living. Residents at The Manor also benefit from eight acres of gated, beautifully landscaped grounds and many properties have their own private garden.
Only a few two bedroom apartments remain for sale at The Manor and most come with a tenant in situ, perfect for investors looking for a hassle-free and profitable rental property. Located in the historic walled garden, the properties come with either a private balcony or garden and their own allocated parking space. Each has an individually designed kitchen and includes a range of integrated stainless steel appliances and the bathrooms incorporate white sanitaryware and chrome fittings. Throughout the properties, top quality flooring has been provided including natural fibre carpets and porcelain floor tiles.
Helen Moore, Residential Managing Director at City & Country Group comments: “The Manor has always been popular with investors because of the fantastic rental yields and we expect this trend to continue, despite the government’s plans to increase capital gains tax. Investors know they are on to a good thing, they can buy with a tenant in situ and there is no shortage of other tenants looking to move in, as so many are attracted by it’s proximity to the American air bases in Mildenhall and Lakenheath. They also love the fact that the development is so stereotypically English in an idyllic countryside setting.”
The Manor is situated near the hamlet of Herringswell, close to the attractive market town of Newmarket, where there is a good range of shops, pubs and restaurants. The development is only a short drive from the Red Lodge junction of the A14, whilst Cambridge is just 18 miles away, offering easy access to the M11 for Stansted Airport and London.
Prices at The Manor start from £220,000 for a two bedroom apartment in The Courtyards. For those keen to find out more about purchasing an investment property at The Manor, please contact Jackson Stops and Staff on 01638 662231 or Bidwells on 01223 347000. Alternatively please visit www.herringswellmanor.co.uk.