A contest to reorganize their portfolios ahead of regulatory reforms prompted the busiest day of purchases made on the Twenty7TEC platform last month.
The March 18 inquiry doubled the previous day’s number, according to the search engine business, and the surge caused one of the highest seven-day totals ever, according to the search engine business.
It said the move “is in ways that landlords are increasingly concerned about affordability, tax burden and increased regulatory aspects such as the end of fixed periods and the repeal of the Renters’ Bill of Rights in Section 21 “No Fault”, currently through the way that parliament pays.
Additionally, earlier this month, the Ministry of Finance introduced stamp duty changes, including a zero-tax rate reduction to £125,000 starting from £250,000, which reversed the September 2022 mini budget.
The company said this “provoked some investors to reevaluate their long-term strategies, with record-breaking mortgage search activity connected to landlords before the regulatory shift to make them closely tied to their portfolios for future portfolios”.
Search engine data shows that BTL mortgage searches grew 22.9% per month, with prices ranging from £150,000 to £250,000, equivalent to a 6.4% increase in residential searches.
Twenty7tec Director Nathan Reilly said: “As new changes emerge, we’ve noticed that landlords are behaving more decisively in the next step, and as real estate investors look at future portfolios, you’re seeing a significant increase in BTL Remortgages.
“This is particularly stated when searching for properties between £150,000 and £250,000. The activity of this price band has changed the biggest, it is BTL and not a residence, which drives it.
“Apart from that, we’re seeing record levels of available products, with total products totaling 25,218 by the end of March.
“This is 128 higher than February – a 0.51% increase. There are more options for BTL landlords than ever before, but with increasing external pressure, the next few months will be about whether landlords will keep the course, adapt to their strategies, or start to exit the market altogether.”
