Landlords appear to be shrugging off the Government’s latest tax increases, according to fresh data suggesting that buy-to-let investors are now accounting for a larger share of property purchases than before the Chancellor’s recent reforms.
The analysis, conducted by estate agency Hamptons on transaction data from its parent firm, Countrywide, shows that landlords were responsible for 10.7% of accepted offers in Great Britain this November—up from the 2024 year-to-date average of 10.2%. These findings challenge warnings that new stamp duty surcharges would deter investors from expanding their portfolios.
Last month’s Autumn statement by Chancellor Rachel Reeves raised the stamp duty surcharge levied on second-home and buy-to-let purchases by two percentage points to 5%. This means that an investor buying a £500,000 property now faces an additional £37,500 tax bill, up £10,000 on the previous rate.
Industry groups had feared this move would trigger a dramatic slump in buy-to-let activity, further constraining Britain’s already limited supply of rental homes. Yet, so far, the response from landlords has not matched those grim forecasts.
“Early signs suggest that new landlords have shown relative resilience to yet another cost increase,” said Aneisha Beveridge, head of research at Hamptons. “While the number of buy-to-let purchases remains muted by historic standards, their numbers have not collapsed.”
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