Buy-to-let fuels record completions in March

The last day of March saw record-breaking property completions as investors rushed to beat the beat stamp duty tax hike.

UK mover conveyancing services company My Home Move said it completed a record number of property transactions for a single month and this was likely to be the case across the industry.

It worked around the clock to complete a record of 1,210 property transactions in the final days before 1 April, when the 3% stamp duty surcharge kicked in.

March saw a total of 6,178 completed mover transactions, a 22% increase from its previous monthly record of 5,060 in October 2015.

Doug Crawford, chief executive of My Home Move, said: “There was a great amount of dedication to help customers win the race to save on a substantial additional stamp duty bill.

“It was a frenetically busy day as chains across the country included second home and buy-to-let buyers who needed to compete before Friday 1 April.

“It was a great moment as the market came together and pulled out all the stops on what was one of the busiest days for the industry in history and a record-breaking day for My Home Move."

Crawford said the extra costs for investors looking to buy additional properties will dampen some demand.

“A lot of purchases have been brought forward because of the tax change so this could lead to a quieter period over the next month or so.”