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Wednesday, March 09, 2016

More proof of BTL surge

Some further proof that the BTL sector is experiencing a pre-April surge. Surveyors firm, Connells Survey & Valuation, have reported they carried out 34% more BTL valuations in February 2016 compared with February 2015.

Re-mortgaging activity also jumped, up 41% this February, compared to last.

John Bagshaw, from Connells comments: 

“Buy-to-let investors and those remortgaging with the aim of buying a second home are racing against the clock. Activity from both these groups is picking up pace on a monthly basis as the 1 April Stamp Duty deadline looms and people hurry to complete their transactions before being hit by the 3% surcharge on their buy-to-let property or second home. 

Expect this activity to reach a crescendo in March 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.

But behind these somewhat frantic figures there is an underlying story of steady, long-term growth. Despite taking some political heat recently, the buy-to-let market continues to attract investment off the back of its potential returns, while the remortgaging sector remains popular with those looking to get a better mortgage or release capital on their home for investment purposes.”

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