Buy-to-let market 'stabilising'
There were fewer mortgage arrears reported in the second quarter of 2009 than in the previous three-month period, according to the Council of Mortgage Lenders (CML).
Figures from the group show that there were 29,400 mortgages in arrears of three months or more, which was down 17 per cent on the first quarter of the year.
Meanwhile, the number of mortgages in arrears of over 1.5 per cent of the balance outstanding dropped 20 per cent to 22,900.
Tenants often find they must leave a property at short notice if their landlords go into arrears, so the improvement in this part of the market is good news for residents of property to rent in Hammersmith, flats to rent in Shoreditch and other renters across the UK.
A statement from the CML also suggested that the buy-to-let property sector is stabilising and backed this comment up with news that the number of buy-to-let loans advanced in the second quarter of 2009 dropped four per cent when compared with the previous quarter.
This represented a slowdown in the decline witnessed over the last year.
Earlier this week, the CML stated that lending for house buying increased by 23 per cent month-on-month in June.
Written by Charles Mackay
Published 14th August, 2009
© 2009 Estates IT Limited
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