Rightmove suggests that interest in BTL is dropping
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Is this just a pause in buying by investors?
Rightmove suggests Buy-to-Let Investors took a break from looking for new properties in March as the April 1st tax change approached.
Whilst the UK's leading property portal recorded its busiest ever Q1 for enquiries to estate agents, the intentions of buyers shifted in March, with the number of people saying they were planning to buy a property to rent out dropping by 27% compared to the same month last year. This contrasts with the increase in interest seen from investors between December and February (+24% year-on-year) as they tried to make last minute purchases before April’s additional 3% tax deadline.
This waning of interest definitely seems to predict a slowdown in the buy-to-let market, but what’s not yet clear is if this will only turn out to be a short-term pause. It could be that some investors are waiting until the tax changes have some time to bed in before they review their business and continue to make purchases. If this removes some of the competition for smaller properties then it could spell good news for many first-time buyers with a deposit ready as they may find now is the ideal time to make a move. To see the full article by propertyreport.co.uk's columnist Warren Lewis click on the link below.
Tony Wing DipSurv MRICS FNAEA
Sales Director
Lincoln Office
Email: tonywing@robert-bell.org
Tel: 01522 538888
Twitter: @robertbellandco
Source: propertyreporter.co.uk
