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TODAY'S OTHER NEWS

Buy-to-let crackdown deters just one in seven

The joint crackdown on buy-to-let by Chancellor George Osborne and the Bank of England is deterring just 14% of landlords from buying properties.

Investing in property for retirement is still popular with four out of five, Nottingham Building Society research shows.

Just one in seven landlords and would-be landlords have cancelled plans to buy more or make their first buy-to-let purchase, despite fears the new rules would hit demand. 

Almost eight of 10 said they would still consider investing in property as part of their retirement planning under the new rules.

Mortgage brokers report strong interest from would-be landlords ahead of the stamp duty changes with 35% of brokers seeing an increase in inquiries from new buy-to-let customers over the past three months.

Ian Gibbons, senior mortgage broking manager at Nottingham Mortgage Services, said: “The buy-to-let market remains strong despite a period of uncertainty as lenders and customers assess their options ahead of stamp duty and tax changes.

“People should only invest in buy-to-let if they can afford to and it makes financial sense for them.

“But that said it is clear that demand for property investment is not going away any time soon with the research showing people still very much value property as part of retirement planning.”

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