Buy-to-let rebounds with 10 per cent boost in November
A rebound in the buy-to-let sector has been signalled as sales in November rose by 10.8 per cent - equating to £334.1m - new figures from analysts Equifax Touchstone have suggested.
Total mortgage sales in the UK went up by 4.1 per cent (£637.4 million) in November and year-on-year sales were up 3.0 per cent (£470.1 million).
Positive sales growth was recorded across the regions, with Wales leading the way with a rise of 9.9 per cent, followed by the South East (8 per cent) and the Midlands (7.5 per cent).
Only the North West and London saw a drop in sales, falling by 2.3 per cent and 2.6 per cent respectively.
John Driscoll, director at Equifax Touchstone, said: “Mortgage sales in the UK have once again remained strong.
"Buy-to-let figures in particular have continued to gain momentum, enjoying positive growth for a fourth consecutive month, a trend we expect will continue given increasing difficulty in getting on the housing ladder and the subsequent increase in demand for rental properties.
"As we approach the end of the year, the outlook for the market remains unclear.
"The full impact of the recent rate hike on sales is yet to be fully felt and even the abolition of stamp duty for first time buyers announced in November’s budget was not received as wholly positive; some within the industry believe house prices may actually rise as a result, which could negatively affect mortgage sales.”