Rental property in London and UK 'plays important role'
The buy-to-let sector "will continue to play an important role" in the property sector in London and across the UK, it has been suggested.
According to the Council of Mortgage Lenders (CML) director general Michael Coogan, recently announced government initiatives to improve the lettings industry will ensure it is strengthened in the coming months.
His comments come after the CML revealed there were 22,400 new buy-to-let mortgages advanced in the first quarter of 2009.
Statistics showed the total number of outstanding buy-to-let home loans at that point in the year was 1,155,200,
buy-to-let activity accounted for six per cent of overall mortgage lending during the period, which was down 12 per cent down year-on-year.
Earlier this month, the Royal Institution of Chartered Surveyors said that having property to rent in London and other parts of the UK is "essential" for the housing market.
Written by Martyn Glynn
Published 19th May, 2009
© 2009 Estates IT Limited
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The buy-to-let sector "will continue to play an important role" in the property sector in London and across the UK, it has been suggested.