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Recovery continues in buy-to-let lending

Thursday, 9 February 2012 12:58 PM

The number of buy-to-let properties rose six per cent (or 84,000) last year as landlords looked to take advantage of rising tenant demand.

Figures released by the Council of Mortgage Lenders (CML) show there are now 1.4 million buy-to-let mortgages outstanding.

The fourth quarter of 2011 saw 34,800 buy-to-let mortgages advanced (of which 15,600 were remortgages) with a total value of £4bn. That was an increase of 32 per cent by volume on the same period of 2010.

The market is still subdued compared to the peak year of 2007, when 93,000 loans were made in the third quarter, but well ahead of its low point in 2009.

Buy to let now accounts for 13 per cent of the total outstanding value of mortgages in the UK.

Although mortgage arrears are lower than in the owner-occupied market, the repossession rate is higher.

CML director general Paul Smee said: "Buy-to-let lending continues to perform well. Demand for rented property remains high, so the rationale for buy-to-let remains strong and there is little reason to foresee any change to this positive outlook for the sector.

"These figures do not suggest that buy-to-let is crowding out first-time buyers; more that it is performing a really important role within the overall housing market.

"The benefits of the availability of good quality, private rented housing should not be overlooked, especially as there are many households which need the flexibility and mobility that the private rented sector is well placed to provide."

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