The three per cent stamp duty surcharge caused a surge in investors looking to purchase their second homes.
The impending stamp duty reforms brought about a stark increase in landlords purchasing new properties before April. In the latest NAEA survey, 85% of their members declared an increase in the number of people putting serious consideration into purchasing a second home, up from 72% in January.
This influx of property investors caused first time buyers to miss out as they struggled to compete with landlords. Albeit with help from the Help to Buy ISAs and schemes, people trying to take their first steps on the property ladder are being hampered by a lack of supply in the market.