According to data from Landmark Quest, there has been a 40% decline in the number of Buy-to-Let mortgage valuation instructions in April 2016 when compared to February 2016. Between March and April alone, the figures dropped by a significant 30.6%.
With a majority of mortgage valuation instructions being handled between lenders and valuation surveyors via Landmark Quest’s technology, it is in a unique position to be able to analyse instruction volumes across the bulk of the mortgage market.
Peter Stimson, Managing Director of Landmark Quest, had this to say: “Overall market instructions were down slightly by 6.6% compared to March, however we saw a sharp decrease in the number of Buy-to-Let instructions – over 30%, in the same period. It’s clear that the race was on for transactions to go through before the new rules came into force on 1 April. It will be interesting to see what happens in May but I am anticipating that volumes will remain low.
