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|omment on CML stats|
|Thursday, 10 March 2016|
Commenting on this morning’s CML stats, Richard Pike, Phoebus Software sales and marketing director, says: “Seeing the breakdown of lending in January has thrown up some interesting details. The fear that the Chancellor’s focus on cooling the buy-to-let market would have the opposite effect were borne out in the last quarter of 2015. In January though there was a shift in lending to BTL remortgaging as landlords look for ways to raise capital to increase portfolios ahead of the stamp duty changes. We will no doubt see further growth when the figures for February and March come out, but it is likely to be in the purchase realm.
“The aim of the government in trying to cool buy-to-let was to enable more first time buyers to get onto the ladder and away from rented accommodation. However, it appears that the rush for buy-to-let is pushing prices up and making it more difficult for FTB's rather than easier.”
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