Buy-to-let sales have seen an increase this year with November having the largest revival according to new figures from Equifax Touchstone. November saw a rise in sales by 10.8% (equating to £334.1m) and residential figures growing by 2.5% (£303.3m).
Total mortgage sales rose by 4.1% (£637.4m) in the UK in November and year-on-year sales were up 3.0% (£470.1m).
In November, the majority of counties across the UK saw a positive sales growth, with Wales leading the way with a 9.9% rise, followed by the South East (8.0%) and the Midlands (7.5%).
John Driscoll, Director at Equifax Touchstone, said: “Mortgage sales in the UK have once again remained strong. Buy-to-let figures in particular have continued to gain momentum, enjoying positive growth for a fourth consecutive month, a trend we expect will continue given increasing difficulty in getting on the housing ladder and the subsequent increase in demand for rental properties”.
London and The North West were the only regions to witness a decrease in sales, falling by 2.3% and 2.6% respectively.
Mathew Wood, Managing Director of Orchards Estates comments: “We are heading into a new year and the markets direction remains unclear. It is great that November has been positive for buy-to-let mortgages but the impact of this is still unfelt across the industry. Even with stamp duty being wiped, it is likely that house prices will simply go up, thus making it just as hard to purchase a property, and slower growth in the overall market. Let’s hope that 2018 see’s a continued increase on buy-to-let sales and other incentives for people wanting to purchase a home.”