As the property market continues to soar throughout the UK, a significant number of areas are making their mark on the map as being “the most desirable”. Crawley in West Sussex has recently hit the headlines, being the only area outside of London to make it into the top 10 most desirable places to live. Over the past year the London Borough of Greenwich has undeniably recorded the biggest rise in house prices across the UK with almost a 25% price hike, and Crawley sits firmly up there securing a 22.4% increase.
Location, location, location is what we are constantly being reminded of by estate agents nationally and Crawley certainly tops the four fastest places to sell a home in the UK amongst Dartford in Kent, Grays and Benfleet in Essex, according to a new report by Right Move. The average price of two and three-bedroom homes in Crawley is far above the national average. It is thought that this may well be the knock-on effect of the cost of property in London that continues to price people out of the market.
In terms of location, Crawley offers excellent transport links for commuters into the capital which is particularly appealing to those who wish to work in the City and then leave the hustle and bustle behind to reside in the tranquility of greenery, and still remain at arms length from their workplace. The fact that the M25 and M23 is a skip and hop away also means that other major cities are easily accessible, as well as access to the airport which means that within minutes you could be on a plane to your favourite holiday destination, or international meeting. It is also reported that Crawley compared to surrounding areas, not to mention London, still remains a very affordable place to live.
It is suspected that prices will continue to rise especially whilst there remains a large demand and a shortage of homes on the market. Whilst this is superb news in the area for investment property owners and home owners alike, it is rather demoralising for prospective home buyers trying to get onto the property ladder.
The fact that London Gatwick Airport is a ‘stone throw’ away makes this town a desirable location for investment buyers too. Crawley is well known for housing most of Gatwick’s airline crew and airport workers and thus almost certainly creating a demand for purchases and the rental market. Airport expansion only adds to the appeal of investors and developers for additional housing to support the influx of work in the area.
Crawley, as many other areas nationally, has recently seen a soar in the investment property market due to the new rules on Stamp Duty that come into effect on 1st April 2016 on second properties and “buy-to-lets”. The new rules mean that these transactions will attract an additional 3% in tax charges (this escalates according to the price of the property).
Investors and solicitors alike are faced with this countdown and getting your transaction through on time depends on many factors, the main being the conveyancing and the arrangement of a mortgage. Provided the circumstances in the transaction are straightforward turnaround times will largely depend on the efficiency of your solicitor and how prepared the firm are for this influx of urgent work to be carried out.
It is just as well that Mayo Wynne Baxter LLP Solicitors have opened a new office at The Beehive, City Place in Gatwick and our specialist property solicitors are certainly well situated and equipped to ensure the requirements of property buyers and sellers in the Crawley and Redhill areas are met. Likewise if you are an investor, best get your instruction in fast given that you are up against the clock if you are to save on stamp duty! Our offices are located in The Beehive, which is a well known listed Art Deco building originally built as one of the UK’s first airport terminal buildings. We look forward to seeing you!