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UK Buy-to-let Market Unfazed by Stamp Duty Changes

Housing-Market / Buy to Let Feb 02, 2016 - 02:44 PM GMT

By: MoneyFacts

Housing-Market

Yesterday saw the close of the Treasury’s consultation on higher rates of Stamp Duty on additional properties. However, data from Moneyfacts.co.uk can reveal that, despite all the talk surrounding the sector, buy-to-let (BTL) mortgage rates are continuing to drop.


Charlotte Nelson, Finance Expert at Moneyfacts.co.uk, said:        

“Potential landlords are clearly conscious of the upcoming increase in Stamp Duty on second properties, which is due to come into play in April. It has sharpened the minds of investors, and as a result, many are looking to buy before the changes are implemented. This extra demand means that providers are competing heavily to attract landlords’ custom, leading to some of the lowest deals on record. For example, the average two-year fixed rate BTL mortgage has fallen by 0.85% in just two years while the number of products offered to borrowers has more than doubled.

“With high rental demand and low interest rates, there’s great potential for landlords. Pensioners who now have access to their pension pots and are fed up with the poor returns in the annuity and savings markets are particularly likely to find this sector appealing. However, anyone considering a BTL deal would be wise to seek out independent advice to make sure they get the most cost-effective deal for them.

“Rates may be falling now, but as the implementation date of the higher Stamp Duty fees approaches, it’s likely that some potential landlords will be deterred. It will therefore be interesting to see what changes occur to the overall BTL market after the charges are increased in April.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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