The Financial Times looked this weekend at the first month’s set of data provided by the Office of National Statistics since the EU Referendum result. These figures show that the impact has in fact been less dramatic than expected, helped in part by a reported drop in both supply and demand for properties. Experts suggested that uncertainty over the impact of Brexit remains however, and may well put some buyers off. The number of people remortgaging on the other hand, increased by 7% between June and July. The Sunday Telegraph reported on the difficulties faced by landlords, with further changes to tax relief drawing ever closer, as well as a recent toughening up of lending criteria. A number of lenders have already increased the rental income requirement for Buy-to-Let mortgages, and there are suggestions that some are considering a further increase. Clearly property investors will need account for these increasing costs and potential impact on viability when planning any future purchases.
