Buy-to-let is no longer the investment of choice for some people, new data suggests.
The buy-to-let share of all online mortgage searches has dropped to just 17.99% versus 65.94% for standard residential searches, which is down significantly on recent highs of 24% of all mortgage searches, according to research by Twenty7Tec.
The long-term average for buy-to-let searches stands at 19.78%, figures from the mortgage technology provider show.
Reflecting on the mortgage market statistics for the week ending 30 May 2020, James Tucker, CEO of Twenty7Tec, said: “There are some broader macroeconomic challenges ahead – including the changing terms of the mortgage holiday and furlough and how these will affect employment rates, and household incomes and finances and the supply and demand in the housing market.
“As we navigate through the coming weeks, we will continue to issue weekly figures to make sure that buyers, intermediaries and lenders are all best placed to make the right decisions.”