A removals firm has claimed it is currently dealing with more tenants moving between properties than home buyers.
Aussie Man & Van says the introduction of the stamp duty surcharge last month – and the heightened activity that preceded it – has encouraged a surge in tenant relocations.
The firm says there has also been a dip in sales activity as buyers don't want to 'commit' at the present time.
Aussie Man & Van's sister company, Ward-Thomas Removals, echoes a similar sentiment, stating that it has encountered a dampening demand at the top end of the London market as buyers are concerned about the EU Referendum and higher stamp duty costs.
Aussie Van & Man says it experienced a record month for removals in March this year thanks to the stamp duty deadline.
What's more, in preparation for the increased buying activity from landlords and investors, the firm moved its annual recruitment drive forward from April to February.
“March was particularly busy for the removals business,” says Charles Rickards, director of Aussie Man & Van.
“Since that flurry of activity, we have seen a quieter period although we are still pretty busy as you would expect for the time of year.”
“What we have noticed is that we are busier on moving those renting rather than sales,” he adds.
Another recent study highlighted the trend of tenants moving between properties.
Direct Line for Business found that the average tenancy is now 18 months, and that it takes the average landlord 22 days to fill their property after it has been vacated.