Buy to let sales have dropped in March

buy-to-letThere was a considerable fall in March buy to let activity with sales down to 26.2% month on month. The fall of £1.04 billion came in spite of an expected last minute rise ahead of the stamp duty rate increase. Meanwhile, residential sales were up 1.4% on February to £12.95 billion. Combined, residential and buy to let sales for the intermediated market fell by 5.1% on February, or £855.7 million. According to a data from Equifax Touchstone, the average value of a residential mortgage in March was more than £190,000, up from £179,187 in 2015; for buy to let the average was £157,819, up from £151,753 year on year.

Iain Hill, relationship manager, Equifax Touchstone, says: “Recent buy to let mortgage flows indicates that borrowers took the advice of their lenders, and initiated transactions in good time to avoid last minute panic. The property investment still remains an attractive option for many people.”

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