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Buy-to-let lending on the increase, says CML

The Council of Mortgage Lenders (CML) has reported an increase in the number of buy-to-let mortgages taken out over the second quarter of 2010.

The figure reached 24,900, up 13% on the previous three months and 15% higher than the same period in 2009. Meanwhile, both the number and value of buy-to-let mortgages hit their highest levels since the fourth quarter of 2008.

Michael Coogan, CML director general, commented: “The buy-to-let market has continued to grow, albeit slowly, since the credit crunch. With fewer people able to afford the entry costs to home ownership, as well as the pressure on social housing, tenant demand for private rented property will remain strong.

“Funding conditions for lenders remain tight, but there is every reason to expect the buy-to-let sector to continue to make a powerful contribution to helping meet the country’s varied housing needs.”

All of this is more good news for residential property investment in Cambridge. Earlier this year, Chard Robinson Property Investment reported on the renewed growth of the city’s buy-to-let sector, and that remains solid, with exciting new opportunities continuing to emerge (see our Current Investments section of the website).  Student demand, coupled with the ever expanding science parks, research facilities at Addenbrooke’s Hospital, and plans for new swathes of housing on Cambridge’s perimeter, look set to make the city an attractive prospect for landlords and investors for some time to come.

Read more about the findings of the Council of Mortgage Lenders at www.estateagenttoday.co.uk

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