Nothing is quite as good a driver of action as a looming deadline and new figures have revealed that that certainly proved to be the case with the UK’s buy-to-let market this spring.
Data from the Council of Mortgage Lenders has shown that buy-to-let mortgages in March 2016 were up by 142% compared with the same month a year earlier. The reason for the boom was the race by buy-to-let landlords to purchase their next property before the Stamp Duty change that occurred in April, which saw an increase of 3% for those buying a second home, including buy-to-let properties.
The Council of Mortgage Lenders figures are a stark indication of how strong demand is for buy-to-let properties in the UK. Altogether, some 45,000 loans were taken out by landlords in March, up 88% on the month before. Landlords borrowed a total of £7.1 billion in March: 163% more than in March 2015.
Liverpool is one city to have benefited enormously from the March buy-to-let stampede. A half century of outward migration had left the city centre ripe for redevelopment, with everything from decaying warehouses to under-utilised land being snapped up by developers in recent years. With city centre resident numbers now firmly on an upward trajectory once again, demand is strong for high-end rental accommodation in central locations, with a particular emphasis on chic, waterfront residences that offer a serene haven from the busy city all around.
Parliament Residence is a great example. With just 44 apartments, the development will offer an exclusive waterfront abode to those looking for a fantastic central location. The rooftop terrace area commands spectacular views over the UNESCO World Heritage waterfront, while the individual apartments combine sleek design with a high quality finish.
Investment in Parliament Residence is available from £109,900, with a 22% early investor discount – more than enough to offset the recent 3% rise in Stamp Duty!
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