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Cml Figures Show Buy To Lets Return To Growth
The buy to let market returned to growth in the second quarter of 2011, latest figures from the Council of Mortgage Lenders (CML) have revealed, giving confidence to property investment professionals around the country.
Some 32,000 buy to let loans worth a total of £3.5 billion were taken out during this period, the highest number and value since the last peak in the last quarter of 2008.
Meanwhile, rates of arrears for buy to let loans were lower in the owner-occupied sector for the first time since 2008.
"If you consider the buy to let recovery alongside the increase in first time buyer numbers we published yesterday, it appears that first time buyers are not being displaced by buy to let landlords but are holding their own in a restricted market," said Paul Smee, director of the CML.
The news comes shortly after the Coventry Building Society extended its range of buy to let mortgage deals with a new 3.99 per cent fixed rate product that has no early repayment charges.
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Article date: 8/16/2011 12:00:00 AM