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TODAY'S OTHER NEWS

New figures confirm rush to beat buy to let stamp duty surcharge

There is more evidence that the buy to let sector has experienced a surge of activity as investors rush to complete their transactions before the stamp duty surcharge kicks in.

In February, the number of buy to let valuations carried out rose by 34 per cent compared to the same month last year. Meanwhile, remortgaging activity - which includes buy to let remortgaging activity - jumped 41 per cent over the same period.

The three per cent surcharge on second homes or buy-to-let properties is due to to take effect on transactions completed after April 1.

“Expect this activity to reach a crescendo [this month] before calming in the second quarter of the year. Buy to let investors will be calculating the impact the stamp duty hike is having on their rental yields, while those thinking of remortgaging to fund a second home will weigh up whether it’s still financially viable for them to do so” says John Bagshaw, corporate services director of Connells Survey & Valuation, which has released these latest figures.

In addition, the home mover and first time buyer sectors have experienced strong monthly rises in valuation activity. The number of valuations carried out for first time buyers surged by 36 per cent between January and February 2016, while those carried out for home movers grew by 35 per cent over the same period.

Overall valuation activity also performed strongly. The total number of valuations carried out in February represented a 21 per cent increase on the same month last year. 

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