Some 61% of buy-to-let landlords purchased homes in cash in January, according to the Countrywide Monthly Lettings Index. Rent Dec-16 Ave Rent Jan-16 December Rent YOY Greater London £1,260 The figure is the largest seen since the index was started in 2007. North west England had the highest percentage of cash purchases, with 70% of landlords buying properties in cash rather than using a mortgage. In Scotland, where there are more than one million empty homes, only 16% of landlords bought their property through a mortgage or other type of loan. “With the forthcoming tapering of tax relief on mortgage interest payments, landlords have less of an incentive to borrow, suggesting more cash activity in 2017," said Johnny Morris, research director at Countrywide.
Some 61% of buy-to-let landlords purchased homes in cash in January, according to the Countrywide Monthly Lettings Index. The figure is the largest seen since the index was started in 2007. North west England had the highest percentage of cash purchases, with 70% of landlords buying properties in cash rather than using a mortgage. In Scotland, where there are more than one million empty homes, only 16% of landlords bought their property through a mortgage or other type of loan. “With the forthcoming tapering of tax relief on mortgage interest payments, landlords have less of an incentive to borrow, suggesting more cash activity in 2017," said Johnny Morris, research director at Countrywide.