London’s buy-to-let market saw the most purchase applications across the UK in the second quarter of 2018 for the first time in a year, Commercial Trust data shows.
In all 15.34% of applications were in London, overtaking the South East (13.76%). The North West recorded stronger activity than previously with an 11.11% share.
Andrew Turner, chief executive at Commercial Trust Limited, said: “We are delighted to have seen an overall increase in the volume of buy-to-let mortgage purchase applications amongst our client base in the first two quarters of 2018.
“There is a growing role for specialist brokers in an increasingly complex buy to let market. The bewildering choice of products continues to grow, and the 2017 rule changes around buy to let add significantly to the intricacy of matching borrower to mortgage.”
London also saw an 8.97% increase in buy-to-let completions in the second quarter from the one before.
This is the first quarter in which London has had the biggest share in the broker’s completions (15.79%), since Q3 of 2017.
Turner added: “These figures make for encouraging reading. The London market has slowed of late, I hope our findings may reflect a sign of recovery in investment in the city.
“Whilst property prices and stamp duty costs have undoubtedly quelled the investment ambitions of some landlords in the capital, there are those still willing to put their faith and money into London bricks and mortar.
“If you are a landlord looking to invest in the capital, or elsewhere, we would be very happy to discuss your aims and help to steer you on the path to rental property success.”
Source: Mortgage Introducer