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Gurgle

Stamp duty tax raid prompts sharp drop in buy-to-let lending

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http://www.telegraph.co.uk/news/2017/05/18/stamp-duty-tax-raid-prompts-sharp-drop-buy-to-let-lending/

Investors borrowed £4.4 billion for buy-to-let purchases in March 2016 as they tried to get in before the changes took effect.

But lending in March of this year stood at just £900 million, amounting to a drop in the value of lending of almost 80 per cent.

Meanwhile, in March of this year there were just 6,500 buy-to-let loans issued but before the stamp duty shake-up was announced it was routine for more than 10,000 to be agreed every month, according to the Daily Mail.

 

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14 hours ago, Gurgle said:

http://www.telegraph.co.uk/news/2017/05/18/stamp-duty-tax-raid-prompts-sharp-drop-buy-to-let-lending/

Investors borrowed £4.4 billion for buy-to-let purchases in March 2016 as they tried to get in before the changes took effect.

But lending in March of this year stood at just £900 million, amounting to a drop in the value of lending of almost 80 per cent.

Meanwhile, in March of this year there were just 6,500 buy-to-let loans issued but before the stamp duty shake-up was announced it was routine for more than 10,000 to be agreed every month, according to the Daily Mail.

 

A bit deceptive. What was lending to BTL in March 2015? The reason it was so high in March 2016 was because they all rushed to buy before the SDLT changes came into effect causing a spike in transactions.

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According to this article:

http://www.thisismoney.co.uk/money/buytolet/article-3594457/Buy-let-loans-rocketed-142-March-stamp-duty-rush-hit.html

March 2016 was 142% up on March 2015.

This comment is golden:

What I don't get is why the crashists did not buy in 2009, I mean The Rt Hon Alistair Darling MP publicly stated it was the worst downturn in 100 years, surely you were not holding out for better than that? If you missed that boat you are the greedy ones wanting to pay even less, not the BTL investor.

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2 hours ago, John51 said:

According to this article:

http://www.thisismoney.co.uk/money/buytolet/article-3594457/Buy-let-loans-rocketed-142-March-stamp-duty-rush-hit.html

March 2016 was 142% up on March 2015.

This comment is golden:

What I don't get is why the crashists did not buy in 2009, I mean The Rt Hon Alistair Darling MP publicly stated it was the worst downturn in 100 years, surely you were not holding out for better than that? If you missed that boat you are the greedy ones wanting to pay even less, not the BTL investor.

love it...because we all give weight to what Alistair Darling says...

With hindsight I should have bought in 2009 but who knew then what diabolical schemes the state apparatus would cook up to protect the wealthy...

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10 hours ago, fru-gal said:

A bit deceptive. What was lending to BTL in March 2015? The reason it was so high in March 2016 was because they all rushed to buy before the SDLT changes came into effect causing a spike in transactions.

The difference in value, vs volume doesn't stack up either.  On average you'd expect them to be proportional.

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