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Buy to let borrowing not quite the booming market lenders would have landlords believe By Simon Thompson |
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Buy to let borrowing is not quite the booming market some lenders and industry commentators would have landlords believe, according to the latest official figures.
Buy to let borrowing is up to the highest level since the end of 2008 for the three months ending September 30, says the Council of Mortgage Lenders (CML).
However, the figures mask an underlying trend of landlords remortgaging rather than a surge in purchasing more homes to rent.
The CML - the industry voice of the UK’s major banks and building societies - reports that the number of new buy to let loans was up 16% to 34,500 in the three months ending September 30.
Around 15,920 of these loans were due to more landlords refinancing or switching mortgage lenders rather than any boom in buying new properties.
Even the CML confirms the buy to let purchase market is running at around a third of the peak in 2007, when of loans were for buying property, while the current figure is running at 12% of total loans.
In the quarter, landlords with buy-to-let mortgages more than three months in arrears dropped from 28,300 (1.57% of the total) to 26,300 (1.45%), while more properties were repossessed - from 1,500 in the second quarter to 1,600 in the third.
CML director general Paul Smee said: "With tenant demand remaining strong in the rental sector, some existing buy-to-let landlords have been expanding their portfolios and the growth that returned to the sector in the preceding quarter has continued.
“The recovery of buy-to-let from its low point in 2009 has helped improve supply and choice in the rental market. Despite recent improvements, however, buy-to-let lending volumes are still only around one-third of their former peaks."
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Landlords warned - prepare for more regulation |
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Landlords in England are being warned that they should prepare for more regulation after the government published a consultation.
The warning comes from Tim Miles who is a partner at law firm Clarke Willmott.
He says that the Government is cons |
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Research reveals that 2017’s rents fell in real terms |
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The rents being paid to landlords in all parts of the UK fell in real terms during 2017, research suggests.
The findings from HomeLet reveal that rents in November rose by 0.7%.
That's the 11th straight month that rent increases have fallen beh |
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Rents for the UK’s rental properties rise by 2.1% |
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The average rent for a buy to let property grew by 2.1% in the year to September, an index has revealed.
The figures from HomeLet show that the average rent now being paid is £927 every month.
For landlords in London, rents rose by 1.9% o |
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Landlords start exiting the buy to let sector |
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One leading firm of letting agents is warning that buy to let investors are beginning to exit the sector.
The warning comes from Belvoir who say that while the numbers of landlords leaving is not huge, there is a trend appearing.
The firm's chi |
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Landlord confidence takes a knock |
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Despite the prospect of high yields and profitability, a survey has revealed the landlord confidence around the UK has fallen.
The findings from BM Solutions looked at all the key indicators for the second quarter of 2017.
They say that the lev |
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Landlords 'don't know what tenants want' |
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Landlords in the private rental sector are out of touch with their tenant’s wants and needs, according to new research.
The findings from an online letting agent revealed that tenants are clear most often about what they want and t |
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