Following analysis of its 2023 buy to let mortgage market data, Twenty7tec has revealed that there has been a significant fall in searches for buy to let mortgages. Will Jeremy Hunt use next week’s Autumn Statement as an opportunity to reinvigorate the market?
The data shows that 65,818 searches on average have taken place this year. Significantly, every single day since 29 June has been below that annual average. With demand falling to sub 59,000 this week.
Nathan Reilly, Director of Customer Relationships & Operations, says: “It’s a tricky market for landlords right now and it’s clear from the data that demand for buy to let mortgages in the second half of the year has slowed. Higher mortgage rates, while the Chancellor continues to struggle to bring inflation down to the Bank of England target of 2%, have undoubtedly had an impact.”
There’s still strong demand for rental accommodation but the numerous headwinds landlords have faced in recent times have made being a landlord less attractive for some. Although it would be a dramatic change in direction for the Government, with the housing shortage set to continue and many renters facing the prospect of significant increases to rental prices, the Chancellor may use next week’s Autumn Statement as an opportunity to help landlords and stimulate the property economy as a whole ahead of next year’s General Election. We could see changes announced for stamp duty or capital gains tax for instance.”
Twenty7tec acts for over 100+ major lenders, including all of the top 20, and the data represents over 50% of all broker searches.