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Growth in Buy to let Market Increases Demand for Conveyancing Services
August 17 2011
The buy-to-let market returned to growth in the second quarter of the year according to new data released today from the Council of Mortgage Lenders.
The buy-to-let market returned to growth in the second quarter of the year according to new data released today from the Council of Mortgage Lenders. The value of new buy-to-let loans increased by 21% in the second quarter of 2011. There were 32,000 buy-to-let loans, worth £3.5 billion, taken out from April to June, the highest number and value since the last quarter of 2008.
The number and value of outstanding buy-to-let mortgages continued to grow. At the end of the second quarter, 1.34 million buy-to-let mortgages, worth £154.5 billion, were outstanding, up from 1.26 million, worth £148.8 billion at the end of the same period in 2010.
Although this quarter's increase is significant, the market is currently running at around one third of the levels seen at the peak of lending in 2007. Additionally data showed that for the first time since 2008, arrears rates for buy-to-let mortgages are lower than in the owner-occupied sector.
Georgina Fletcher, Conveyancer at Leeds Solicitors Grahame Stowe Bateson commented, "At GSB Solicitors we have been pleased to see an increase in the demand for our conveyancing services for buy-to-let properties. This is possibly due to the current demand for these properties being very high and landlords seeing the potential for further investment."
For more information on Leeds Conveyancing Services, contact Georgina Fletcher on 0113 2744611 or .(JavaScript must be enabled to view this email address)