11 Feb

Buy-to-let mortgage market picks up, new figures show

Buy-to-let mortgage market picks up, new figures show

The buy-to-let mortgage market experienced growth in the final quarter of 2009, new figures from the Council of Mortgage Lenders (CML) show.

Data released by the organisation revealed that there were 25,800 new buy-to-let loans advanced in the final three months of 2009, compared with 23,700 in the previous quarter.

It also noted that all types of buy-to-let lending increased in the period, with the rate of new house purchase loans double that of the number requested for remortgaging.

According to the CML, the number of landlords in arrears has dropped considerably compared with the same timeframe in 2008.

Simon Gordon, head of communications at the National Landlords Association (NLA), welcomed the news, commenting that the latest report "demonstrates the resilience of the market".

"Clearly, the figures suggest the buy-to-let market is far more robust than originally feared," he added.

Mr Gordon also stated that the strength of the sector should encourage the government to review its policy relating to regulation in the industry, with the NLA calling for greater efforts to be focused on increasing credit flows.ADNFCR-1222-ID-19611532-ADNFCR

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