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Buy to let market doing well despite stamp duty hangover, claims Connells

The number of valuations for buy to let purposes last month was eight per cent up on the May 2015 level according to Connells - and that is despite the passing of the three per cent stamp duty surcharge deadline for additional properties.

The figure for last month is also up despite a 38 per cent drop on the previous month as the pre-deadline surge in buy to let purchases ‘fell out’ of the cycle.

“Compared to the gloomy picture painted by some, activity is looking remarkably resilient” insists John Bagshaw, corporate services director of Connells Survey & Valuation.

“Some month-on-month cooling could still be a result of stamp duty changes that came into effect at the start of April. However once that stamp duty-related instability has passed, there appears to be a steadier annual growth and a more positive outlook for the housing market” he says. 

“Even if the EU referendum does have a measureable impact, one thing is clear – any slump hasn’t happened yet.”

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