Buy-to-let lending rockets 69% year-on-year
There were 16,200 loans advanced in March, up 56% compared to the previous year signifying lending appetite and landlord opportunities in the private rental sector showed no signs of abating.
Broken down by transaction type, house purchase loans in March increased by 46% year-on-year totaling £960m – a 60% rise compared to March 2013.
But remortgage lending saw the most substantial upward trend increasing with a 67% increase in loans compared to March 2013.
These buy-to-let remortgages had a total value of £1.2bn up 73% year-on-year.
George Spencer, chief executive officer of lettings agency Rentify, said: “The growing demand for rental properties and the availability of buy-to-let mortgages with easier eligibility criteria and low rates has again proven key to the success of this vital part of the UK economy.”