26
Oct
Buy-to-let sector remains buoyant
The buy to let sector has been propelling demand in the UK property
market, new research has revealed.
Figures from the Council of Mortgage Lenders (CML) showed a decline
in lending for house purchases of 11 per cent in the year to
August.
Meanwhile, the number of Britons remortgaging their properties was
down 12 per cent.
However, during the same period other lending, much of which is
constituted by the buy to let sector, was up 37 per cent.
The downturn in lending for house purchases comes at a time when
affordability was shown to be worsening, with the CML's figures
revealing that first-time buyers are currently borrowing on average
3.38 times their income.
Commenting on the research CML director general Michael Coogan
said: "Affordability clearly remains challenging but there may be
some relief for borrowers with expectations of an interest rate
cut, perhaps as early as November."
