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Surge in buy to let mortgages despite stamp duty turmoil

Despite huge turmoil in the buy to let sector, there has been a significant rise in mortgage activity in the past two months, according to Connells. 

The firm’s survey division says valuations for buy to let mortgages are 0.4 per cent up on the last year.

“Despite a bruising period of government intervention, the buy to let sector has been finding its footing over the last couple of months, recovering from the three per cent stamp duty surcharge, the restriction of tax relief on mortgage finance costs to basic rate tax only, and the removal of the 10 per cent wear and tear allowance” says John Bagshaw, corporate services director of Connells Survey & Valuation.

“The government’s intervention had a significant effect in the short term but we appear to have recovered the lost ground now” he says.

Bagshaw also says remortgaging valuation activity has risen 14.7 per cent year-on year, and he suggests first time buyers are now “racing on to the property ladder” to take advantage of the Help To Buy mortgage guarantee scheme which ends in late December.

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