The stamp duty changes announced by Chancellor Rishi Sunak earlier in the year could positively impact the holiday let market, according to Monmouthshire Building Society.
Property investors currently pay the 3% additional home surcharge, but this will be on the new reduced rates in place until March 2021.
Monmouthshire Building Society outlined that investors looking to purchase an investment property valued at the higher end of the stamp duty threshold could save thousands of pounds by purchasing before the ‘holiday’ period ends next year.
According to data collected by YouGov, as a result of the pandemic 28% of British people surveyed stated they would rather holiday in the UK than aboard and only 8% of people said they would travel abroad.
Caroline Barrett, key account manager at Monmouthshire Building Society, said: “The society prides itself on being a holiday let lending specialist with a personal, flexible and common-sense approach to lending.
“We have been listening to feedback and responding to consumer trends in this market, and I am pleased the society is able to offer a range of individual and limited company holiday let mortgages during this challenging time.
“Over the past few months we have seen an increasing interest in this market, leading to more enquiries and holiday let mortgage applications as consumers look to invest for the future.”