CML sees Q2 buy-to-let lending up by 5%

Buy-to-let lending has increased as landlords rush to cash in on cheap mortgages and rising rental yields, figures from the Council of Mortgage Lenders have found.

According to the data, the second quarter of this year saw lending grow by 5 per cent on the previous period, as lenders advanced 33,200 loans worth £3.9bn.

Year-on-year, the volume of loans in the buy-to-let market was up 14 per cent and value rose by 18 per cent.

Paul Smee, director general of the CML, said buy-to-let lending was recovering from a low point in 2009, when just 88,500 mortgages were advanced in the year. However, lending volumes still remain below their peak in 2007 of 346,000.

Mr Smee said: “Buy-to-let is growing broadly in line with expectations. The rental sector has grown strongly over the last decade or so, and buy-to-let continues to help deliver a wider choice for tenants.”

Read the full story at the FT Adviser

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