A survey by Rics suggests that demand from buy-to-let investors is pushing up prices, as a mortgage monitor records highest number of monthly house purchase approvals since October 2007.
There has been a rare increase in the number of properties for sale, but this is doing little to stop demand from buy-to-let investors, according to a new survey.
The UK residential market survey from the Royal Institution of Chartered Surveyors (Rics), found there was a pick-up in new sales being listed in January – only the third time in the past 18 months this has happened. However, stock levels still remain low and new buyer enquiries rose for the 10th consecutive month.
There was also a surge of demand from buy-to-let investors. 74pc of respondents expect there to be a further increase in such purchases before the April 1st deadline, when a 3pc increase in stamp duty for second homes and investment properties is brought in.
This rise in demand from buy-to-let investors has sparked price rises: 49pc more surveyors reported prices rose in January compared with a month earlier.