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27 Feb 08 - Buy-to-let Mortgages Hit A Million
The future looks good for the rented property market as
the total number of outstanding buy-to-let mortgages has
passed the million mark.
New survey data from the Council of Mortgage Lenders shows
the total number stood at 1,038,000 at the end of 2007 -
nearly 5% up on the 991,600 seen a year earlier.
The number of loans, including remortgages, advanced to
buy-to-let landlords in the second half of the year also
hit 179,100, up from 171,800 in the first six months.
And total buy-to-let lending reached £24.1bn in the
second half of 2007, a rise on the £21.2bn recorded
in the first half of the year.
Michael Coogan, CML director general, said: "Tenant
demand for private rented property remains strong, and buy-to-let
is fulfilling an important role in helping to deliver an
increased flow of high quality homes to rent.
"Buy-to-let has remained resilient in the face of
the funding constraints that have affected the sector and
the wider mortgage market.
"We expect to see a continuing healthy appetite for
buy-to-let finance this year, in line with continuing expected
consumer demand for private rental property."
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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