New year, new start in the West Country?

New year, new start in the West Country?

Buying property with land West Country Life West Country Properties

Whether you’re considering buying a farm or a smallholding, a common question that frequently crops up is ‘when is the best time to invest’?

With a new year, often comes a new start and here at West Country Dream we’ve been taking a look at why 2016 is the best time to invest in property in Devon and Cornwall.

Stamp duty tax on second homes

Looking at buying a smallholding or farm in the South West, but don’t want to part from your beloved home in the city?

Time is of the essence if you want to buy a second home or buy-to-let property without paying additional Stamp Duty taxes.

Last November the Government announced a new 3% surcharge will apply to each stamp duty band on any additional properties costing more than £40,000. The new rate comes into effect from April and will impact all second home or buy-to-let properties.

Therefore, if you’re considering buying a farm or smallholding this year, as the adage goes; there’s no time like the present, so buy now to save yourself thousands of pounds on extra taxes!

Take a look at the table below for a full break down on the tax rate increase:

Property value

Standard rate

Second home rate (April 2016)

Up to £125,000

0%

3%

£125 – £250,000

2%

5%

£250,000 – £925,000

5%

8%

£925,000 to £1.5m

10%

13%

Over £1.5m

12%

15%

Land prices

Over the years more and more people have realised the benefits of owning a farm or smallholding. From leading a healthier lifestyle to being your own boss, the hike in farm purchases has been reflected in the price of land, which has been climbing since 2005.

In particular, farmland has increased dramatically over the last five years, with figures showing a 52.8% surge in the price per acre from 2010 to 2015! The increase has been good news for people who own land, doubling or in some cases tripling the value of their farms, but it has meant higher prices for those looking to buy.

However, there are signs that prices will begin to stabilise over the next year, making it a prime time to buy that perfect property in the West Country!

Swap that city house for a smallholding in the country

Always dreamed of a fresh start in the country, where your children can play outdoors freely in the security of your own large garden? If the answer is yes, now’s the time to swap that city house for a safe-haven in the West Country.

If there’s one region where prices are guaranteed to increase, it’s London, and if you’re raising a family in the city, the chances are they will struggle to get on the property ladder. Extend your search to the South West and you increase the selection of properties available for the same amount in the city.

For a three bedroom terraced property on the outskirts of London priced at £600,000, you can buy a six bedroom detached property with five acres of land, outbuildings and stunning views in the heart of West Devon.

Looking for a view of the sea? A four-bedroom house on the seafront at Rock in Cornwall will easily set you back in excess of £2 million, but expand your search to just 13 miles up the coast to Tintagel and you could snap up a six bedroom house with outbuildings for less than £500,000!

We can help you find your West Country Dream!

Wanting to take that leap from city life to live a more laid-back lifestyle in the countryside or start-up a smallholding?

Now is the time to sit down and consider where you want to live, what type of property you want, what you want it for and more importantly, how much do you have to spend?

Having difficulty finding time to plan? Let West Country Dream do it for you. Get in touch with West Country Dream on 07816 514667 or visit our contact page.