More buy-to-let improvements noted
A landlord services company has welcomed the latest Council of Mortgage Lenders' (CML) figures, which show that the decline in buy-to-let lending has slowed.
With a four per cent drop in the number of mortgages lent for buy-to-let purposes reported between the first and second quarters of 2009, Smartlandlord.co.uk managing director Keshav Thukaram said lenders now need to provide finance "more aggressively".
The alleged stabilisation in this part of the housing industry should act as a "wake-up call" to lenders in the UK, he added.
Mr Thukaram commented: "These encouraging figures released by the CML today confirm what Smartlandlord.co.uk has said all along: the market has bottomed out and is starting to recover - albeit slowly."
Increased lending to landlords may be beneficial to those looking for property to rent in London such as flats to rent in Fulham or Wandsworth, as it could result in there being more options to choose from.
Although the expert encourages more lending, he did warn that landlords should be aware that getting involved in buy-to-let should be part of a long-term investment strategy.
Written by Andy Britten
Published 17th August, 2009
© 2009 Estates IT Limited
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More lending is needed to help the buy-to-let sector, it has been suggested.