Buy to let lending continues to show a large rise compared to the same time last year according to new figures from the Council for Mortgage Lenders.
BTL purchase has showed stronger year-on-year growth than home-owner loans for for most of the year, which the CML says is in part is a market recovery response as buy-to-let lending declined more than home-owner lending during the downturn.
While loans to home-owners for house purchase declined by 50 per cent in volume terms from 2007 to 2009, buy to let loans for house purchase declined 71 per cent in the same period.
BTL continues to represent 17 per cent of gross lending in August, a proportion that has remained relatively consistent since the beginning of the year. This is up from 13 per cent in the same period of 2014.
The biggest driver within the BTL mortgage market was in remortgaging, with the number of loans up 51.3 per cent while the number of properties bought was up 26.5 per cent.
Article courtesy of Letting Agent Today | Sign up for Letting Agent Today newsletter | Get this news on YOUR site!