New stamp duty rules see spike in expat BTL enquiries

Property Reporter
21st July 2020
To Let 773

The recently announced stamp duty holiday has seen an influx of UK expatriates and foreign nationals enquiring on buy-to-let investments.

According to newly released data from buy-to-let lender, Skipton International, in the seven days following the announcement the lender saw a 61% rise in usage of its online mortgage calculator for UK buy-to-let mortgages estimates.

Jim Coupe, managing director of Skipton International, said: “This initial response to the new stamp duty measures is very encouraging and demonstrates that the changes are driving more interest to the UK property market. We have always seen the UK buy-to-let market as an extremely important area of our business and are anticipating that many of these enquiries will convert to successful mortgage applications in the coming months. As a responsible lender, we have to be mindful of prevailing circumstances but will be doing whatever we can to assist buyers in their search for long term investment property.

“Now could be a good time for overseas purchasers to consider investing in UK property, with the stamp duty holiday due to last until 31 March 2021, at which time a proposed additional 2% stamp duty land tax charge for foreign residents will come into effect. This window of opportunity could offer substantial savings with those buying a property priced at £500,000 generating savings of up to £25,000.”

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