The proposals by the regulation arm of the bank, the Prudential Regulation Authority (PRA), aim to make income checks tighter for buy-to-let investors to reduce the chances of them defaulting on a loan.

Those buying properties or second homes will have to pay a stamp duty surcharge of three per cent, and from 2017 new limits on mortgage interest tax relief mean landlords will only be able to claim tax relief on their mortgage payments of 20 per cent.

Rob Fearnley, a partner at solicitors Bowcock and Pursaill, which has offices in Uttoxeter, said the firm had experienced an increase in conveyancing work from buy-to-let investors aiming to complete purchases before the increased stamp duty came into force.