Stamp Duty Reforms

RMA_Logo RGBRMA Surveyors Ltd, Newbury, has been reading the latest on Stamp Duty.

As of today (4th December 2014), the Government has introduced Stamp Duty reforms on residential properties. Stating that ‘Stamp duty will be cut for 98% of people who pay it. If you’re buying a home for less than £937,500, you will pay less stamp duty, or the same’.

The change applies to you if you are buying a home in the UK for over £125,000.

Under the new rules, homebuyers will only pay the rate of tax on the part of the property price within each tax band. The following is given as an example:

Under the old rules, you would have paid tax at a single rate on the entire property price. Now you will only pay the rate of tax on the part of the property price within each tax band – like income tax. Under the old rules if you bought a house for £185,000, you would have had to pay 1% tax on the full amount – a total of £1,850. Under the new rules, for the same property you’ll pay nothing on the first £125,000 and 2% on the remaining £60,000. This works out as £1,200, a saving of £650.’

For further information, click to read the Government information sheet.

If you’re making a property purchase and require a Homebuyers Report or Building Survey, get in touch with RMA Surveyors Ltd for a quote.

Latest RICS Residential Survey

ricsRMA Surveyors Ltd, Newbury has been reading the latest RICS Residential Market Survey.

It states that: House price momentum in the UK continued to slow and new buyer demand tailed off in October.

It also confirms that demand has slipped for the fourth consecutive month and provides an interesting analysis. Read the full article.

If you’re looking to purchase a house and require a chartered surveyor to conduct a building survey or HomeBuyers Report, contact RMA Surveyors Ltd for a quote on 01635 579208 or complete the enquiry form and we’ll get back to you.

 

 

 

UK house prices 'rise 9.9% in a year'

RMA Surveyors Ltd, Newbury, were interested to read a recent BBC article reporting that house price increases accelerated in April, rising by 9.9% compared with the same month a year ago.
The Office of National Statistics said prices rose strongly across the UK, with Wales, Scotland and Northern Ireland all picking up pace. Read the full article for more information.

RMA Surveyors have moved

RMA Surveyors Ltd head office has moved to Compton, Berkshire.

Our new address is:
RMA Surveyors Ltd
Foinavon,
Churn Road,
Compton,
Berkshire
RG20 6PP

Have a look at this video to see some history behind the name.

Glimmers of Positivity in the housing market.

Signs of improvements in the housing market are continuing to develop, although there is no doubt that people are still struggling to get into the housing market.

ThisisMoney.co.uk report a 1.5% increase in house prices in the year to October 2012 and a growth in demand. Mortgage rates are also reported to have fallen, thought to be as a result of the Funding For Lending scheme by the Bank of England which is supplying cheap money to banks and building societies to encourage them to lend at cheaper rated to borrowers.

The Telegraph report that mortgage lending has improved in the last ten months. However, with comparably unfavorable mortgage terms, stamp duty, professional fees, removals costs and other hidden expenses it is easy to see why people are playing safe and staying put rather than stretching themselves beyond their means.

 

RMA serves up food for thought at Hungerford Big Business Breakfast

Richard Mountain deleviring an insight into what buildings can tell us.Have you ever wondered what would be stories could be told if the walls could talk. Richard Mountain delivered a 10 minute presentation at Hungerford Big Business Breakfast (HBBB) on Tuesday 16th May 2012 that gave an insight into what they say.

Richard, chartered building surveyor and owner of RMA Surveyors Ltd,  frequently enters into dialogue with buildings. He gave practical examples of the kinds of conservations he has to fellow attendees at one of West Berkshire’s premium networking event, held at the Bear Hotel in Hungerford.

HBBB is held monthly and draws a wide variety of experts, services and business professionals. Richard enjoyed presenting to the room and imparting some of his expertise, whilst demonstrating why he is so passionate about building surveying.

After delivering his well received presentation he said “The group is unique and very relaxed. It was a pleasure to have the opportunity to explain a little bit more about what I do. I am pleased that my talk engaged with everyone and I had the opportunity to demonstrate the skills required to provide the professional service we do at RMA Surveyors Ltd.”

Richard is actively seeking further public speaking opportunities to demonstrate the benefits of his expertise. The next HBBB is June 19th contact Sarah Culpepper of the Bear Hotel for more details.

Buy-to-Let Boom

Brook House, Northbrook StreetThe move is over the dust is settled and I have found some time to write a long overdue web update. So, what’s new?

The fanfares are out. RMA Surveyors Ltd have moved into Brook House in Northbrook Street. We now lease offices with Young Associates, an independent, specialist property management and consultancy firm. The move is a positive step for us, and we are sure it will be of benefit to both ourselves and other businesses in Newbury, now we have a presence in the heart of the town centre.

The RICS released an article this week formally recognising we are in a but-to-let boom. “Boom” is not a word we have heard in recent years and the activity in this sector is a clear indication that property is still a good investment. For those landlord’s or speculators who are making such investments I would add a cautionary note to invest in a detailed Building Survey or Home Buyers Report to prevent your investment becoming a liability. This service is an asset not a burden.

Older properties can require far more than a fresh coat of paint or a new kitchen or bathroom. Without the surety of a qualified surveyor’s opinion, investors could find themselves subject to all sorts of defects brought about by inherent poor design and previous lack of maintenance. I find the surveys I produce for my clients are a fantastic tool for negotiation. As such the survey pays for itself, and if it doesn’t bring the price down it should provide peace of mind that a property professional has cast their expert eye over it.

In the same vein, I have had plenty of experience of producing life cycle cost assessments to help commercial property building managers and businesses plan their budgets and maintenance cycles. In the residential market this approach is rarely taken. However, as landlord’s investments grow, commissioning of a stock condition survey of the entire portfolio is an invaluable tool. Allowing assessment of the current and future maintenance liability.

Good news for potential sellers. We now offer a presale survey, aimed at potential property sellers designed to make them aware of any defects their buildings may have prior to sale. This benefits a seller by identifying items requiring repair and defects likely to affect the sale or purchase price prior to marketing the property.

If you have any questions or need some professional property advice please contact us. An initial consultation is free and you will benefit from our advice.