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Buy-to-let purchases fall 40% in 3 years

The number of residential landlords buying houses to let has decreased drastically since 2015.

According to UK Finance, buy-to-let mortgages for property purchase have fallen by around 40% in the last 3 years following the introduction of several tax changes.

Residential landlords have faced increasing pressures after a 3% stamp duty land tax surcharge for additional properties took effect and mortgage interest tax relief being phased out.

A survey from Paragon of 681 landlords shows that those in London were the hardest hit, with 16% saying they had sold property in the last quarter.

However, 42% of buy-to-let landlords in the East Midlands and 33% in the West Midlands reported increasing tenant demand.

In comparison, 24% of landlords across the country as a whole said that demand was rising.

John Heron, managing director of mortgages at Paragon, said:

"These findings highlight a big regional difference in landlord experience and buying habits.

"Some central London landlords appear to be scaling back a little while landlords in the Midlands continue to invest on the back of a positive outlook."

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