BTL lending up 22%, says CML

There were 19,600 buy-to-let loans in October, representing lending worth £2.7bn - this shows continued growth from last month's higher loan volumes, and the value of these loans were up 8% from September.The value of loans went up 29% on October last year.  

In October, 9,900 of the loans were for house purchase and 9,500 for remortgage. The number of BTL house purchase loans increased by 13% compared to September and up 20% compared to October last year. This totalled £1.2bn in value, up 10% on September and up 28% on October last year.

The number of remortgage loans increased in October, up 3% on September and up 23% compared to October last year. These loans had a total value of £1.4bn, up 2% on September and up 26% on October last year.

Paul Smee, director general of the CML, commented:

“This has been a year of change for our industry, but the market has shown remarkable stability with house purchase and buy-to-let lending showing steady, consistent growth throughout 2014 compared to 2013. There have been fluctuations month to month but overall the market appears to be showing a positive direction of travel going into the new year."