Figures released today by the Council of Mortgage Lenders (CML) show that the buy to let market is still strong.According to the body, mortgage loans to landlords increased by 16 per cent in the third quarter of this year.
Over the same three-month period, the amount of money loaned by financial institutions for property investment rose by 19 per cent, showing that banks and building societies are regaining their confidence in the buy to let sector.
A total of 34,500 buy to let mortgage advances were made in the quarter totalling an incredible £3.2 billion. It is the highest buy to let lending as stood since the onset of the credit crunch in 2008.
CML director general, Paul Smee, stated: "With tenant demand remaining strong in the rental sector, some existing buy-to-let landlords have been expanding their portfolios and the growth that returned to the sector in the preceding quarter has continued.”
Mark Durban, senior lettings agent at Paramount, said recently that at present the demand for rental property is so high that it exceeds the number of homes available.
Buy to Let Investment News
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