Buy-to-let market experiences growth
Figures released by the Council of Mortgage Lenders (CML) on
November 12th 2009 have indicated that gross lending in the UK
buy-to-let market has grown for the first time in two years.
Lending in the third quarter of the year was ten per cent higher
than in the previous three months and now stands at £2.1
billion, the CML revealed.
Borrowing for both house purchases and remortgaging in the
buy-to-let sector experienced a rise, while the number of cases of
arrears within the market continued to fall as a result of low
interest rates, according to the CML.
The organisation's director general Michael Coogan said: "At this
stage, the recovery is modest, but the figures show that buy-to-let
is here to stay."
However, the CML cautioned that the lack of mortgages on the market
with a loan-to-value of more than 80 per cent had constrained
The news comes as Rightmove announced that its site traffic for the
four months to October 31st 2009 had increased by 35 per cent,
compared with the same period the previous year.