26 Oct

Buy-to-let sector remains buoyant

Buy-to-let sector remains buoyant

The buy to let sector has been propelling demand in the UK property market, new research has revealed.

Figures from the Council of Mortgage Lenders (CML) showed a decline in lending for house purchases of 11 per cent in the year to August.

Meanwhile, the number of Britons remortgaging their properties was down 12 per cent.

However, during the same period other lending, much of which is constituted by the buy to let sector, was up 37 per cent.

The downturn in lending for house purchases comes at a time when affordability was shown to be worsening, with the CML's figures revealing that first-time buyers are currently borrowing on average 3.38 times their income.

Commenting on the research CML director general Michael Coogan said: "Affordability clearly remains challenging but there may be some relief for borrowers with expectations of an interest rate cut, perhaps as early as November."


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