The number of landlords re-mortgaging to release money for home improvements has reached a record high according to Countrywide.
In the last 12 months, out of the 171,421 landlords who re-mortgaged their buy-to-let property, Countrywide says 9,523 did so to take money out to spend on their investment.
This is up from 8,459 in 2017 and three times more than in 2016.
In the last 12 months 5.6 per cent of landlords who re-mortgaged released cash to spend on their property, up from 1.9 per cent in 2016.
The greatest increase was in the East of England where, in the last 12 months, one in ten landlords who re-mortgaged released money to spend on home improvements, up 6.8 per cent in the last two years.
Every region across the UK has seen a rise, but regions in the South have seen the biggest growth in landlords releasing cash.
In London, 7.4 per cent of landlords re-mortgaging released money for home improvements, up 4.4 per cent in the last two years.
Landlords in London took out the most money to spend on buy-to-let improvements, £35,470 on average. This is over three times the amount an average landlord in Yorkshire & the Humber withdrew.
Across Great Britain as a whole, the average landlord re-mortgaging to make improvements took out £22,850.
“The additional transaction costs incurred from the stamp duty changes for second-homeowners means more landlords are choosing to invest in their properties, refurbishing and improving them and holding on to them for longer to maximise gains” says Johnny Morris, research director at Countrywide.