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Buy-to-let market continues recovery

12th November 2012 | back to article listings BACK    print this article PRINT

The buy-to-let mortgage market's recovery is continuing with more than 4 billion worth of mortgages taken out in the third quarter, lenders have revealed.

The Council of Mortgage Lenders (CML) said that 4.2 billion worth of mortgages were taken out during the three months to the end of September.

The CML said this represents the highest figure seen for the past four years, contributing to 11.8 billion worth of loans being advanced so far this year.

The rise bolsters the buy-to-let market, which has seen lending rates reach levels almost a fifth higher in 2012 than in 2011.

The buy-to-let market continued to enjoy strong demand as private rents soared to an average of 741 a month in September, hitting 1,092 in London.

The growing demand comes as tenants are unable afford to buy their own homes.

Despite this, lending has not returned to its pre-recession levels and buy-to-let lending is predicted to total just over one third of that seen at its highest in 2007.

Copyright Press Association 2012

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