UK buy-to-let lending rises

buy-to-let-risesLending to the buy-to-let market has been increasing from last month; the value of buy-to-let mortgages for house purchase was 36.4% higher in September than in the same month last year, 61% higher for buy-to-let remortgaging and the gross lending on buy-to-let in the third quarter rose by 24% compared to the previous three months. The buy to let sector continues to grow and saw year on year increases by volume and by value in both buy to let house purchase and buy to let remortgage sectors.

 

Expert says: “Even though the mortgage market had a slow start to the year. This quarter shows it is now firmly on an upward direction, with competitive rates and high levels of product choice currently available, alongside generally improving economic conditions. The lessening of the rules and economic instability also have resulted in greater demand for buy to let. The buy to let sector has seen stronger year on year growth than the residential market for most of the year.”

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