Over 50% of brokers have seen an increase in buy-to-let purchase business in recent weeks, according to the latest research released by online broker forum cherry and Click2Check.
More than 30% of brokers reported an increase in individual purchases and nearly 27% recorded a rise in limited company purchases.
The poll revealed that purchase activity is currently dominating buy-to-let enquiries, with 57% of brokers reporting an increase in purchase business compared to just under 12% who have reported an increase in demand for capital raising on a remortgage.
Additional data also showed an increase in the number of clients with more specialist buy-to-let requirements, with nearly 8% of brokers seeing a significant increase in demand for HMOs and 4% seeing more enquiries for lending on both multi-unit blocks of flats and holiday lets.
Nearly 8% of brokers also revealed they are working with more clients on sourcing bridging for refurbishment products, indicating a significant growth in short-term lending popularity.
Donna Hopton, director at cherry, commented: “The cherry forum is a great way to understand exactly what is going on at the coalface in the everyday lives of mortgage advisers, and it’s clear that there has been a spike in buy-to-let activity in recent weeks. Whereas the buy-to-let market has been dominated by remortgage business in recent years, it is purchase enquiries that are currently keeping brokers busy. The window of opportunity for reduced Stamp Duty Land Tax will certainly be helping to drive this demand, but we are seeing that the market is generally buoyant, which is a positive sign for advisers, and the economy.”
Jeff Knight, director of marketing at Foundation Home Loans, added: “Buy-to-let is proving again to be resilient and research has shown landlord confidence is actually higher now than in the last few years. This presents a great opportunity for landlords and it’s no surprise that many have seen this period of reduced stamp duty as an opportunity to grow their portfolios.”
Original article featured here…
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source https://commercial-mortgages-broker.co.uk/news/buy-to-let-purchase-activity-bounces-back/
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