Friday, 15 January 2016

Jump in buy-to-let demand

Demand for buy-to-let lending increased significantly in the three months to Christmas, according to the Bank of England.

Lenders expect more jostling for buy-to-let mortgages in the first quarter of 2016.

Housing experts predict that prospective landlords will move as quickly as possible to complete purchases before stamp duty on second homes goes up in April.

George Osborne is imposing a 3% surcharge on the duty to target buy-to-let investors.

The Bank of England said 22 per cent more lenders reported increases rather than decreases in the demand for loans.

Looking ahead, 30 per cent more lenders expect demand to grow even further over the next few months.

Yesterday the Council of Mortgage Lenders said the number of buy-to-let loans leapt by 35% in the month of November, compared to the same month a year before.

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