Many factors have led to a slowdown in the UK housing market during the past twelve months. New lending criteria, new taxes, and turbulence within the political scene have all encapsulated into an uncertain market with few certain forecasts. The buy to let especially has been hit hard. At this same moment last year, the buy to let market was running along with twice as much activity within the sector. Now it is cooling off with the rest of the market.

The buy to let sector has seen property sales fall by 50% during the last year. Landlords have adopted a pause attitude regarding hawkish moves within the market. As of now, they are resting and waiting out the months prior to Brexit negotiations being complete. Not going unnoticed is the new lending criteria which has affected borrowers within the sector as well.

Landlord purchases numbered more than 10,200 during the month of February last year, and July 2015 saw almost 12,000 purchases approved. During the month of April this year there were 5,300 landlord buy to let purchases carried out.

One CML spokesman commented on the latest data within the buy to let sector, saying: “For the time being, regulators and policymakers have not registered concern with regards to buy-to-let sluggishness. We expect to see the market continuing to be soft, as the implemented measures work through.”

Remortgage continues its run through the beginning of the summer selling season. It boasts high amounts of activity during the last few months and is predicted to keep going strong until further indications of a rise in interest rates takes place.