There’s been a significant drop in the amount borrowed by buy to let investors over the past year, despite a rise in just the past three months.

Data from the Council of Mortgage Lenders shows that the buy to let borrowed was £2.8 billion in September – and although this reflected a 10 per cent quarter-on-quarter rise, it is still 19 per cent down on the September 2015 figure. 

It translates to 56,200 loans in total, up nine per cent compared to the second quarter but down 24 per cent compared to the third quarter in 2015.

“Six months on from the stamp duty changes on second properties and buy to let continues to operate at lower levels than a year ago” according to Paul Smee, director general of the CML.