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Buy to let mortgage sales down 39 per cent over past year

Buy to let mortgage sales down 39 per cent over past year

New data from referencing company Equifax Touchstone suggests that this July's buy to let mortgage lending total is 39 per cent down on the same month a year ago - another sign that the stamp duty surcharge introduced in April is hitting the market.

The firm also says the average value for buy to let mortgages is down year-on-year, falling from £160,203 to £157,195. 

Buy to let mortgage sales in July - the first full month after the Brexit vote - were down 15.2 per cent on the June total, which was leading up to the referendum.

"Following Brexit, the UK housing market has been on tenterhooks waiting to see how hard property buyers' confidence has been hit. It's important to remember that the summer period traditionally brings a dip in mortgage sale volumes during July and August, so it will be many months before the full effect of Brexit is uncovered," explains Iain Hill, relationship manager at Equifax Touchstone. 

"We're confident that the market will bounce-back longer-term, with negativity likely to be offset by the recent interest rate cut, leading to lower and more competitive rates from lenders," he says.

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