Buy-to-let popularity continues to increase
Published: 15-Jan-2008
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The strength of the buy-to-let sector has been highlighted by new figures revealing mortgages in the sector grew significantly last year.
Figures published by Hampton's Mortgages indicated that the number of buy-to-let mortgages increased by 23 per cent between December 2006 and last month.
As a result, buy-to-let mortgages taken out on residential lettings now account for 39.53 per cent of all home loans, while over the same period lettings for home purchases dropped by 23 per cent.
Commenting on the figures, Jonathan Cornell, managing director at Hampton's, said: "This year review of 2007 mortgage trends highlights a clear swap in popularity between residential and buy-to-let mortgages."
"Interestingly the trends reversed by roughly the same amount over the course of a year; as have trends for fixed and variable rate mortgages."
Figures published recently by the Association of Residential Letting Agents revealed that confidence in the market means 40 per cent of buy-to-let landlords plan to expand their portfolio this year.
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