Buy-to-let applications boosted in 2nd quarter

Mortgage intermediaries saw an increase in buy-to-let business during the second quarter of this year, the latest statistics show.

Paragon found that 5.4 per cent more interest was registered in buy-to-let property than during the first quarter of 2011.

More than seven out of ten of the cases introduced by financial advisors were for residential mortgages, while two out of ten were for buy-to-let products.

John Heron, Paragon Mortgages managing director, explained that in excess of 17 per cent of English property is now privately-rented.

"All of the market indicators, however, suggest that there is still not enough property for new tenants," he added.

This opinion was recently echoed by editor of Property Hawk Chris Horne, who noted that good quality student accommodation, in particular, is currently in short supply.

He suggested that the high cost of borrowing makes it difficult for landlords to expand their portfolios.

Published on: July 19, 2011

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