Member Article

Pension Freedom Day offers opportunity for auction companies

April 6th 2015 will be a key date for anyone over 55 and owners of a pension fund – Pension Freedom Day!

The Chancellor announced in the budget last year that from April 2015, anyone with a pension can have full access if they want to and will be able to take their entire pension out in one go, subject to income tax, to spend exactly how they wish.

While some may spend their new found wealth on the dream holiday, car or other extravagance, more people will also look at broadening their investment portfolio. Buy-to-let property is likely to form a major proportion of purchases – a recent survey cited almost a third of pension holders intending to use some or all of their funds to purchase property. This will have a potentially huge effect on the property market.

The new rules allow up to 25% of the pension fund to be taken tax free, and the remainder subject to income tax. In many cases, this will allow the pension owner to purchase property outright or, at worst, pay a significant part of the price in cash. If the predictions are right, there is likely to be a rise in demand for properties aimed at investors – making auctions the ideal option.

Jamie Cooke, sales director at iam-sold, said: “Auction offers a great way to buy or sell property – it’s fast and offers great value to both parties. We are constantly receiving great feedback saying that we take the stress out of the process.”

iam-sold will be running 70 auctions across the country this year which will allow would-be buyers to go and experience the auction process without cost or obligation – details are available at www.iam-sold.co.uk/auction-events

Auction is rapidly becoming the vehicle of choice for buying property as it is quick, offers great value, and is relatively stress free.

For more information, contact Paul Robinson on 0845 5193 126 or paul.robinson@iam-sold.co.uk

This was posted in Bdaily's Members' News section by IAM Sold .