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Rise in number of Buy to let mortgages
19 August 2010
According to statistics from the Council of Mortgage Lenders, Buy-to-let lending is showing signs of recovery due to the increase in the number of Buy-to-let mortgages that have been taken out in the second quarter of this year.
The figures show that there have been around 3,000 more mortgages in comparison to the first quarter, a 13% increase from the 22,000 in the first three months. This figure has also increased in comparison to the second quarter of 2009, with BTL mortgages 15% higher than the 21,600 recorded last year.
CML have said that the market has continued to slowly grow since the credit crunch. Michael Coogan, Director General of CML, stated: “Finance for private landlords, whether institutional or individual, is crucial if the UK is to have enough homes to meet the needs of the population.” Home ownership is difficult to afford for the majority of the country and with the pressure on social housing, tenant demand for private rented property will remain strong.
At the end of June, BTL mortgages accounted for 12% of all mortgages. This was the biggest proportion by value since records began.
Source: Estate Agent Today
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