Until November 2015, buy-to-let accounted for 16% of MAB's overall business, broadly in line with the market.
Following the stamp duty deadline announcement, MAB saw its busiest week at the start of February, when levels rose to 22%.
In the following weeks, the market share has "dropped back to exactly where it was pre-announcement", according to CEO Peter Brodnicki, as it became too late to complete before the 3% stamp duty rise.
Over the last four weeks, BTL levels have averaged 15%. Speaking to Financial Reporter, Brodnicki said that the past month has "been a good indicator of a more realistic ongoing trend". He added that the figures still show an underlying growth trend as levels haven't dropped despite bringing forward three months of transactions as people rush to beat the deadline.
Figures also show that despite purchases easing between February and March, remortgage cases remained strong, rising from 42% to 55% in March.
Peter Brodnicki concluded:
"The market has been stimulated due to the benefits for buyers in bringing forward transactional activity to beat the SDLT deadline. Based on our new application data, the market has reverted, at least in the short term, to the former levels of activity prior to the Chancellor's Autumn Statement. Considering how many transactions were brought forward, returning to previous levels so quickly is a positive sign in terms of underlying purchase and remortgage activity."
