I noticed a refreshed appetite for buy to let from existing clients straight after the stamp duty holiday was announced, and it appears that has been consistent across the property market.
Evidencing the success of the scheme, online searches for letting agents has increased by 21%.
What this shows us is a sharp increase in buyers considering investing in property to take advantage of the tax savings.
Letting agent comparison website Rentround reported the data, their founder Raj Dosanjh said, “The stamp duty holiday has brought a flood of positivity across the property market.
“The increase in the number of comparisons run on our platform indicates landlords are looking to add to their portfolios, or that a new wave of landlords are looking to enter the market.
“Traffic on the site increased prior to Rishi Sunak’s announcement, based upon rumours that the holiday may apply to the buy-to-let sector. From the 8th of July, when it was confirmed that the holiday applied wider than first time buyers, the number of letting agent comparisons conducted increased dramatically.
“I’m proud we’re helping landlords to enter the property market, save on rental fees and connect to their ideal letting agent.”
The increase was seen all over the country, with Manchester showing the biggest spike of 33%.