Third quarter boost for buy to let market
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Written by: Micheal Aglony
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Word Count: 293 |
Date: Thu, 3 Dec 2009 |
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Data released from trade association the Council of Mortgage Lenders (CML) this month shows that the number of buy to let loans going through has increased from 21,600 to 23,700. Additionally, gross lending has hit £2.1 billion over the past three months, an impressive 10 percent higher than the quarter preceding it.
The increase is good news for landlords, and bodes well for buy to let mortgages and the private sector in the last quarter. However, while much of the data is positive, CML also highlight that the number of properties taken into possession has gone up from 1,400 to 1,600 in the last quarter - showing just how much of an effect the recession has had on the market.
The news comes at a time when buy to let criteria has been seen to improve as a number of new lenders have entered the market giving more competition for existing mainstream providers. Lending volumes are still considerably lower than they were two years ago, but lending for both house purchasing and remortgaging has grown in the last quarter.
Consequently, the CML data has caused some letting specialists to declare that the third quarter of 2009 officially heralds the end of the recession for UK landlords, a notion that is backed-up by the assumption that many have cash at the ready to invest at this time and the recession-hit rate of house-building is currently not quick enough to meet demand.
Whether or not the news is good enough to announce that this is the end of recession for landlords, the property market or the country as a whole - the end of 2009 is set to be strong for both buy to let lenders and prospective buyers.
About the Author
Find out more about buy to let mortgage rates and insurance at http://www.mortgagesforbusiness.co.uk
Source: Third quarter boost for buy to let market
http://www.financebusinessarticles.com
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