LETTINGS NEWS: Buy to let still a strong draw with good returns for local landlords
This spring’s surge in landlords snapping up buy to let properties may not be the last of its kind, according to finance company Fleet Mortgages.
It says just as landlords rushed to beat the recent deadline for higher stamp duty, so in the autumn there may be new restrictions on buy to let mortgages at a date to be announced by the Bank of England. “Anyone wanting to go into buy to let in the most cost-effective way should buy a property and get a loan before that deadline” says a Fleet spokesman.
Locally there is no sign of the buy to let market weakening: in fact quite the reverse.
In March, East of Exe completed a record number of sales – far higher than any previous month – with most sales being to landlords getting in before the stamp duty deadline.
Yet despite an increase in rental properties being available to tenants, East of Exe successfully let 85 per cent of its new, larger rental stock in under four weeks.