The "impending increase in Stamp Duty on second homes" was cited as the cause of the recent spike in mortgage approvals, which hit a two year high in January.
Robert Gardner, Nationwide's Chief Economist, said:
“The number of mortgages approved for house purchase increased sharply in January to almost 75,000, up from around 71,000 approvals in December and the highest number since January 2014.
“However, much of the increase is likely to be related to the impending increase in Stamp Duty on second homes which is due to take effect in April 2016. This is likely to have brought forward a significant number of purchases, which in turn will probably result in a fall back in approvals during the spring/summer."
Jonathan Hopper, managing director of Garrington Property Finders, commented:
"The race is on for second home and buy-to-let buyers to complete before April’s stamp duty hike. The resulting spike in demand sent the number of mortgage approvals surging in January, and has sparked high levels of competition for typical buy-to-let properties – flats and terraced houses in popular rental areas.
“But while the scale and pace of buyer activity has been prodigious, price growth has remained fairly steady.
“All of which begs the question – what will happen once the stamp duty scramble is over? The chronic shortage of supply is likely to continue nudging up prices, even after the pre-April stimulus fades."
Alex Gosling, CEO, online estate agents HouseSimple.com, added:
"This could be the storm before the calm. February house price growth is being driven by the buy-to-let gold rush - investors trying to get in before the stamp duty hike. March is likely to be more of the same, as time is running out.
"It will be interesting to see what happens in April, which is historically a buoyant time for the housing market. We are walking into the unknown, and there's a chance that demand will drop like a stone.
"But with less buy-to-let investors snapping up properties from beneath the noses of traditional home buyers, we could well see a surge in first time buyers coming to the market.
"Home buyer demand has always been there, but they have often struggled to compete against committed investors, many of whom can buy for cash.
"Now they're fighting on a more level playing field, we could well see the drop off in investor numbers replaced by a surge in first time buyer numbers."
