Twenty7tec saw activity on its platform double from 17 to 18 March, contributing to one of the highest seven-day totals recorded for BTL searches.
The firm suggested landlords were exploring their remortgage options as they prepared to restructure their portfolios ahead of the upcoming Renters’ Rights Bill – which could become law by the end of the year – as well as changes to tax and regulation.
Twenty7tec said the recent reduction of the nil-rate stamp duty threshold from £250,000 to £125,000 caused borrowers to re-evaluate their strategies. This was indicated in its data, which saw a 22.9% monthly rise in BTL searches in the £150,000-250,000 price bracket.
This was also higher than the 6.4% rise in searches for residential mortgage deals.
Nathan Reilly, director at Twenty7tec, said: “As new changes appear on the horizon, we are noticing that landlords are acting more decisively when it comes to their next steps, and we’re seeing a significant increase in buy-to-let remortgages as property investors look to future-proof their portfolios.
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“The spike in searches for properties between £150,000 and £250,000 is particularly telling. That price band is seeing the greatest change in activity, and it’s BTL, not residential, that’s driving it.
“In addition to this, we are seeing record levels of products available, with 25,218 total products by the end of March. This is 128 more than February – up 0.51%. There’s more choice than ever for buy-to-let landlords, but with external pressures mounting, the next few months will be telling as to whether landlords stay the course, adapt their strategies – or begin to exit the market altogether.”
