Some 60 per cent of multi-property landlords have expanded their portfolio since the introduction of the Stamp Duty Holiday last summer according to new research.
This includes commercial property landlords as well as residential ones, with both categories looking increasingly outside of large cities for future investment.
Research by Direct Line business insurance finds that 43 per cent of multi-property landlords have invested in properties outside major cities, with 82 per cent doing this because they expect a significant number of renters to move out of cities due to Covid-19 and the upsurge in remote working.
Half of landlords feel the Stamp Duty Holiday has kept the property market afloat during the pandemic, while more than four in 10 admit it has encouraged them to fast-forward plans to purchase properties.
Around 45 per cent fear the impact the cliff-edge end to the stamp duty tax break could have on the market and the value of their portfolios – prompting many to take desperate measures to get their purchases over the line before the expiry.
A third say they are prepared to cut corners to ensure their purchases are completed before the holiday ends – for example, taking on aspects of the conveyancing process themselves or skipping a rigorous property survey.
Three quarters of multi-property landlords would pull out of transactions if they did not complete their purchases before March 31.
The pandemic is also influencing the way landlords use their properties: 36 per cent have changed their type of let since March 2020.
This post has originally been featured in Letting Agent Today.