Letting agents welcome growth in buy-to-let market

News Category: Industry News

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Letting agents organisation Arla has welcomed news that the buy-to-let market has grown for the first time in two years.

Statistics from the Council of Mortgage Lenders (CML) showed that the number of buy-to-let loans grew by around 25,000 in the third quarter compared to the preceding three months.

CML director general Michael Coogan said that although the recovery was modest, the report indicates buy-to-let is "here to stay".

Ian Potter, Arla operations manager, said: "Arla welcomes the rise in buy-to-let lending, which suggests that the market is getting back on its feet following two years of pain through a lack of lending from high street banks."

He added that the CML's figures had been borne out by his organisation's own findings, which recorded that landlords have increased their average number of properties to seven in the past year, up from a previous figure of 6.3.

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