A Property Coffee Morning meeting was organised by Auction House London, Midas Property Group (MPG) and Baker Street Meet at the London Marriott Regents Park on Tuesday, 12 September 2017. It was well attended with over 300 investors.
The aim of the Networking Talk was to draw investor’s mind to the fact that in spite of governmental intervention, property investment still remains a superior asset class.
Sam Fongho, Founder and CEO of MPG said, “Whether you’re an experienced Property Investor or just starting your journey, networking not only brings businesses together, it will also allow you to meet the potential clients and contacts that are often integral to the growth of your business”.
The Special Guest Speaker, Godwin Okri is a Lawyer specialising in strategic property investment. He has 14 years UK experience as a property investor and is also a Realtor in Florida State, USA.
He is the author of the book ‘Investing in Property with Strategy’, which has sold over a million copies in the UK. Currently, Mr Okri is a TV Presenter of The Okri Property Show (TOPS) as a pilot for ITV.
While delivering his keynote speech, Barrister Okri drew attention to the statistics coming out of the Office for National Statistics, namely that 125,000 jobs were created, unemployment fell by 4.4% and property market grew by 2.1% even though GDP grew by only 0.3%.
He then warned the attendees of the vitiating policies by government such as:
Affordability test. The Prudential Regulation Authority (PRA) issues directions to banks not to lend to FTB more that 4.5 times their income.
Okri said, in relation to the BTL market, investors must show that the property they are looking to buy has an Interest Coverage Ration (ICR) of 145%. They must also show that they are able to pay a mortgage with a hypothetical rate of 5.5%.
Other policies introduced by the government are 3% Stamp Duty surcharge, removing the mortgage interest tax relief and the Wear & Tear Allowance.
Barrister Godwin recommended way to mitigate the hurdle by investing in properties with a high yield and buying mixed-use properties and possibly forming a special investment vehicle or Company to avoid the section 24 effect.
The meeting achieved its aim of connecting, networking and liaising with Property enthusiasts, entrepreneurs and business owners.
First Time Buyers (FTB), Buy-To-Let (BTL) seasoned investors and Accidental Landlords are advised to take advantage of this regular networking events by Midas Property Group.
Barrister Okri then carried out book signing of his book titled “Investing in Property with Strategy”.
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