Demand by landlords to purchase buy to let properties surges before 1st April stamp duty deadline
With the new increase in stamp duty by 3% for buy to let property being introduced on the 1st April, Landlords are busy searching for property to purchase to beat the deadline.
However landlords have only a matter of weeks to put in a offer if they have any chance to complete on time especially if they require a mortgage.
The National Associations of Estate Agents has suggested the average mortgage takes 50 days to arrange therefore investors will need to find a suitable property before mid February.
With many property purchases falling through due to unseen issues, new builds and properties with no chains could be a more attractive option.