Buy-to-let broker confidence highest north of the border

Despite recent government measures aimed at reducing market activity and the prospect of changes to landlord tax relief, the research shows that 63% of brokers in Scotland remain optimistic, believing that the buy-to-let market will remain the same size as it was in 2015.

Other areas of the UK are demonstrating a similarly positive approach. Some 57% of brokers surveyed in Nottingham predicted that the market would either expand or remain the same this year. Just under half of those surveyed in London took the same view.

However, 71% of Manchester-based intermediaries said they were expecting a reduction in the sector in 2016.

Jeremy Duncombe (pictured), director, Legal & General Mortgage Club, said: “Despite a whirlwind of changes to the buy-to-let market, including the government’s Stamp Duty hike and the reductions in tax relief on the horizon, it’s clear that a large number of brokers remain confident that buy-to-let will remain strong in 2016. Though there are concerns that government interference could mean a reduction in buy-to-let activity this year, our research shows that many brokers in both England and Scotland believe the market to be well positioned to absorb the impacts of these measures.”

He added: “Even now, amid the uncertainty brought about following June’s referendum result, borrowers will be looking to remortgage their buy-to-let properties as a potential reduction in rates looms. Brokers need to grasp this opportunity.”