Buy-to-let lending has climbed to its highest level in almost three years, figures from the Council of Mortgage Lenders have revealed.
In the three months to September 34,500 buy-to-let loans worth £3.8bn were advanced, up 16% by number and 19% by value compared with the previous quarter. This is the highest level by either measure since Q4 2008.
Q3 saw 18,580 buy-to-let purchase loans 12% of all house purchase loans up from 9% in Q3 2010.
Charles Haresnape, managing director for residential mortgages at Aldermore, says: “The buoyancy of the buy-to-let sector confirms that investor appetite for residential property remains strong, which has been fuelled by tenant demand.”
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