A 10% rise in profits has been announced by the ‘buy-to-let’ specialist Paragon. According to the lender, there has been a 90.5% growth in buy-to-let lending.
Nigel Terrington, chief executive of Paragon, said: “Paragon has made significant progress in 2013 delivering record profits, whilst also laying the foundations for further sustainable growth in the future.
“Buy-to-let lending volumes have grown by over 90% as landlords feel increasingly optimistic about the housing market and the prospects for the private rental sector.
“At the same time, the group has continued to build on its highly regarded expertise in the debt purchase market, making further significant investments through Idem Capital.
“The group’s actions to increase its warehouse facilities, its successful securitisations and the new retail bond programme all combine to provide substantial capacity to support further growth in our existing business areas.
“With our banking licence application making good progress and our plans for a return to consumer finance lending now well advanced, the group is well positioned for further growth in the year ahead.”
Director of Martin & Co Huddersfield (Letting Agent Huddersfield, Estate Agent Huddersfield, Property Management Huddersfield), William Taylor, added “there is definitely a buzz amongst professionals in our market with a definite rise in confidence in the market. We have more and more of our professional landlords looking at new acquisitions.”