12 Nov

Buy-to-let market experiences growth

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 remortgaging capacity.

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.
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