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so we can say is BTL is stalling and the Landlords who already own are most likey remortgageing for a better deal
and i belive stamp duty income is down too
I think we are moveing into a stagnet market and if an owner cant sell they will drop there prices
and then we will have a crash and its all been done via a stupid govt who i thought would know better
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Paragon has reported that new buy to let borrowing and investments fell 12.4 per cent in the year to October while its pipeline was down 55 per cent.“This was very much a year of two halves for buy-to-let with very strong completion levels being seen in the run up to the stamp duty increase in April followed by a commensurate reduction in activity levels across the market from April” admits John Heron, director of Paragon Mortgages.
But he insists the pipeline - although sharply reduced - is now gathering momentum with an increase approaching 20 per cent in October alone. Full/source story
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
The brokers I talk too are seeing good business but its Remortgageing
BTL has gone off a cliff edge
Personal Touch Financial Services is hosting a series of workshops in autumn to help advisers get to grips with changes to the buy-to-let market.
Attendees will be able to hear from lenders including Accord Mortgages, BM Solutions, Precise Mortgages and Santander.
Jane Cross, chief executive officer, Personal Touch, said: “It’s news to no one that these are testing times for the buy-to-let market.
“The shake up to the tax system, last year’s stamp duty increases and now further changes from the Prudential Regulation Authority have all meant that the buy-to-let market has changed substantially.
“That said, we still believe this is a profitable market and one which offers plenty of opportunities for investors.
“As such, we want to make sure our brokers are fully equipped to address all of their clients concerns, as well as helping them to recognise the protection and general insurance needs and opportunities available within the sector.”Full/source article - Mortgage Introducer
Brokers view tax legislation reform for property investors as having more of an impact on the bridging market than Brexit, according to a survey by InterBay Commercial, part of specialist lending group OneSavings Bank.
Over half, 52 per cent, said reform to tax legislation for property investors would boost the bridging market. Whereas only 27 per cent view the outcome of Brexit negotiations as the most important factor in driving growth in the market.
OneSavings Bank said the results show that despite policymakers’ current focus on Brexit, they should consider taxation changes in next Monday’s Budget. It says one in five, 19 per cent, of brokers felt that the removal of the additional 3 per cent stamp duty land tax for landlords would help to drive growth in the market. The bank was surprised only 16 per cent of respondents called for the reversal of the recent changes to the tax treatment of mortgage interest for landlords.Full/source article