Buy-to-let market up for second quarter in a row
Sunday 14 November 2010
The buy-to-let lending market has risen for a second consecutive quarter, buoyed by continuing demand for rental properties.
Figures from the Council of Mortgage Lenders last week show that new loans for buy-to-let properties rose 12 per cent in value and 8 per cent by business volume during the third quarter of the year, representing 26,900 new loans, worth £2.8bn.
At the end of September, 1.29 million buy-to-let mortgages were outstanding – an increase of 7 per cent from the previous quarter. Rates of repossession and of the appointment of receivers of rent were almost unchanged.
The number of loans for first-time buyers increased a little in September to 18,600, and were worth £2.2bn, but these were 6 per cent lower by volume and 4 per cent lower by value than in September last year. The number of home-mover loans fell by 2 per cent to 31,600 in September after a 10 per cent fall in August.
Credit criteria remained tight, while the slight easing of loan-to-value ratios earlier in the year appears to have reversed.
First-time buyers borrowed on average 76 per cent of the value of their properties, down from 77 per cent in August.
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