In order to beat the introduction of the increase in stamp duty, landlords are snapping up buy to let properties in a bid to beat the April’s stamp duty rate increase reports the Daily Telegraph.
According to Britain’s biggest estate agents Countrywide, who compiled the figures, the number of properties purchased overall shot up by 71 percent during January this year compared to the same period in 2015 with Landlords accounting for 20 percent of these sales. This showed an increase from January 2015 for which landlord buy to let purchases stood at 17 percent.
Countrywide’s research director, Johnny Morris said “The jump in activity comes despite many landlords being concerned by the current focus of government on home ownership”.
The Council of Mortgage Lenders reported £17.9bn was handed out in home loans in January, making the month the strongest since 2008 which reached £25.2bn. According to the article experts said that a number of factors are boosting the market. These include cheap mortgage deals, Help to Buy, the expectation that interest rates will remain low for the foreseeable future as well as landlords pushing sales through before the April deadline all helping to boost the housing market.
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