With average asking prices jumping 1.3%
House price jumped £3,800 in March as buy-to-let investor rushed to beat the extra 3% stamp duty tax. Average asking prices are now up 1.3% to £307.033 according to Rightmove.
‘While some felt that there would be a stampede of existing landlords selling to other landlords, these figures indicate that many of those who sold during the buy-to-let rush were actually first-time sellers looking to trade up,’ Rightmove director Miles Shipside said.
‘They used the heightened demand from investors competing fiercely with first-time buyers to springboard themselves on to the next rung of the housing ladder.
‘After several years of being held back from moving by post-credit crunch price doldrums, they have now benefited from a heady combination of price growth, historically cheap interest rates, and confidence of a quick sale with purchasers working to a tight deadline.’
However smaller properties those with 1 or 2 bedrooms have dropped £2,700, or 1.4 per cent, to £182,926 as buy-to-let investors now review their options.