The majority of buy-to-let (BTL) investors are undeterred by imminent tax changes, according to research conducted by Shawbrook Bank.

Shawbrook’s Client Barometer, a survey of over 170 property investors, found that 56% are planning to purchase a BTL property in the next 12 months.

Of the 44% not planning a BTL investment, over one-third (37%) said they were put off by the 20% cap in tax relief and 16% said they were discouraged by the 3% extra stamp duty levy.

Karen Bennett, Sales & Marketing Director Commercial Mortgages, said: “As a lender it is always great to see such positivity in the market, and as with our Broker Barometer conducted in late 2015, it seems that there is a lot of optimism amongst property professionals also.

“Obviously the new changes will have an effect and may instil more caution across the market, however, Shawbrook is well-placed to adapt to change, and we are expecting the market to remain buoyant.”

Shawbrook’s latest figures also revealed that nearly one-half (49%) of clients consider regulation to be the biggest challenge facing property investors over the next six months.