Buy-to-let lending increased in 2007

News Category: Industry News

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Lending to buy-to-let landlords increased in the second half of 2007, with the total number of mortgages on residential lettings now topping one million, new figures have revealed.

Statistics published by the Council of Mortgage Lenders (CML) indicated that buy-to-let lending totalled £24.1 billion in the second half of last year, compared to £21.2 billion over the previous six months.

Over the same period, the total number of loans to buy-to-let landlords jumped from 171,800 to 179,100, also representing an increase from the figure for the second half of 2006.

Commenting on the figures, CML director-general Michael Coogan 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," he added.

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