Mortgage lending to buy to let landlords has increased by volume and by value in the third quarter of the year, according to the Council of Mortgage Lenders.
Buy to let property purchase rose by 36 per cent over the year, while remortgaging for buy to let purposes saw a 62 per cent increase.
Buy to let in September, the latest figures available, represent 18 per cent of gross lending.
"The market was a slow starter this year, but this quarter shows it is now firmly on an upward trajectory. With competitive rates and high levels of product choice currently available, alongside generally improving economic conditions, we expect this to continue as we head into the new year” says Paul Smee, director general of the CML.
In a bid to deflect criticism that buy to let is too large a sector of the housing market, Smee adds: "Buy to let continues its growth this period, but at 18 per cent of new lending in September remains the fourth largest lending type behind first-time buyers, home movers and remortgage. There were five times as many house purchase loans to homeowners as to buy to let landlords in September, and the growth in buy to let lending largely continues to reflect its more belated recovery from recession.”
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