'Good times' for buy-to-let investors
Demand for buy-to-let mortgages has reached an all-time high, the Council of Mortgage Lenders (CML) has claimed.
Landlords are now borrowing an incredible £45.3 billion every year, the CML has said, with £24.1 billion in loans and mortgages being funnelled into the hands of buy-to-let investors in the second half of 2007 alone.
That period coincides with the ascendancy of the credit crunch and serves as an indication of the continued robustness of the market, which analysts say is being propped up by difficulties associated with getting on the housing ladder.
CML spokesman Michael Coogan noted that during a wider property downturn and in times of economic uncertainty, the flexibility afforded by renting offers significant appeal.
"Tenant demand for private rented property remains strong and buy-to-let is fulfilling an important role in helping to deliver an increased flow of quality homes to rent," he said. "buy-to-let has also remained resilient in the face of funding constraints that have affected the sector and the mortgage market."
The number of people taking out a buy-to-let mortgage has increased by nearly 23 per cent over the past 12 months.
Published 10th March, 2008
© 2008 Estates IT Limited
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Demand for buy-to-let mortgages has reached an all-time high, the Council of Mortgage Lenders (CML) has claimed.