Buy-to-let remains an attractive asset class with more property investors looking to take advantage of a notable increase in demand for rental homes, the latest figures from letting agent comparison website Rentround suggests.
Since the chancellor announced an immediate stamp duty holiday earlier this month, landlord searches on the platform has increased by 21%.
The data collected from Rentround indicates that some buyers are readying themselves to place newly purchased properties on the rental market, or simply planning ahead of a potential property acquisition with a view to letting it out.
Raj Dosanjh, founder at Rentround, commented: “The stamp duty holiday has brought a flood of positivity across the property market.
“The increase in the number of comparisons run on our platform indicates landlords are looking to add to their portfolios, or that a new wave of landlords are looking to enter the market.”
The increase in letting agent searches is spread across the country. But there are pockets of significant increases. Manchester comparisons increased by 31%, followed by East London which had a 27% increase.
Dosanjh added: “Traffic on the site increased prior to Rishi Sunak's announcement, based upon rumours that the holiday may apply to the buy-to-let sector.
“From the 8th of July, when it was confirmed that the holiday applied wider than first time buyers, the number of letting agent comparisons conducted increased dramatically.”