Data collected from letting agent comparison site, Rentround, has revealed that the stamp duty holiday has seen many buyers readying themselves to place newly purchased properties on the rental market.
Landlord searches on the platform have risen by 21%, since the announcement and highlights that buyers are conducting due diligence activities on the potential purchase of a property, bought for buy-to-let purposes.
The increase in letting agent searches is spread across the nation. However, there are pockets of significant increases. Manchester comparisons increased by 31%, followed by East London which had a 27% increase.
Volumes of searches ran in Scotland & Wales remained the same, due to the applicability of the stamp duty holiday.
Raj Dosanjh, founder of Rentround said, “The stamp duty holiday has brought a flood of positivity across the property market.
“The increase in the number of comparisons run on our platform indicates landlords are looking to add to their portfolios, or that a new wave of landlords are looking to enter the market.
“Traffic on the site increased prior to Rishi Sunak’s announcement, based upon rumours that the holiday may apply to the buy-to-let sector. From the 8th of July, when it was confirmed that the holiday applied wider than first time buyers, the number of letting agent comparisons conducted increased dramatically.
“I’m proud we’re helping landlords to enter the property market, save on rental fees and connect to their ideal letting agent.”