Mortgage lending for the buy to let sector has halved since the introduction of the stamp duty surcharge in April 2016 according to data from the Council of Mortgage Lenders.
Around 71,100 loans were given for house purchases by landlords in the year since the introduction of the three per cent additional homes duty - this compares with 142,100 loans in the previous 12 months.
The figures are the first full-year measure of the impact of the surcharge, which was mirrored north of the border by a similar rise in the new Land and Buildings Transaction Taz.
There was also a fall-off in buy to let business in the first quarter of this year - although the same period in 2016, with which the latest figures are compared, was the time of the surge in borrowing to complete buy to let purchases ahead of the surcharge coming into effect.
Compared to the first quarter of 2016, the number of loans to landlords decreased by 39 per cent and the amount borrowed by 40 per cent in the January-to-March 2017 period. However, on a monthly basis there was a four per cent rise in value and eight per cent increase in number of BTL loans between February and March this year.
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no surprise there then..... and lying-Osbourne's promise that this huge tax on landlords was to help "first time buyers get on the housing ladder" was also, well, a pack of lies too as we all knew from the start.
For all said, Government policy is working.
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