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Landlords Rush To Beat Stamp Duty Rise

Buy to let mortgage lending has leapt forward according to the latest data from the Council of Mortgage Lenders (CML).

Gross buy to let lending increased by 35 per cent year on year in November as landlords rushed to purchase properties, expanding their portfolios before the new extra stamp duty levy comes into force.

The new tax year in April will see an additional stamp duty levy of 3 per cent on all properties purchased over and above the residential home.

A survey of landlords by the Residential Lettings Association (RLA) found 46% trying to complete new property purchases before the higher stamp duty rate in April.

The value of loans advanced in the buy-to-let sector also increased, up by 46% in November compared with the same month a year earlier, to 3.5bn.

Peter Rollings, CEO of Marsh & Parsons, commented: Aspiring and existing landlords had added impetus to act quickly this spring and expand their portfolios before being lumbered with an extra 3% stamp duty, and they may well be rewarded if they do. Already, 2016 is shaping up to be a strong year for lettings in London.

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