BTL lending volume up 43% in April: CML

This was virtually identical to March, but up 43% by volume and 57% by value compared to April last year.

Within the overall total of buy-to-let loans, 8,400 were for house purchase and 7,600 for remortgage. The total number of buy-to-let house purchase loans was up 3% compared to March and up 49% compared to April last year. The loans totalled £1bn in value, up 2% month-on-month and up 61% on April last year. 

George Spencer, chief executive officer of lettings agency Rentify, says:

"With the number of buy-to-let mortgages up 49 per cent on the same month last year, the sector continues to go from strength to strength. However, the 38 per cent increase in buy-to-let remortgages shows that landlords are continuing to seek out the best deal for their investment, with many opting for fixed-rate mortgages as a defence against the rumoured interest rate rises.

"In the short term, the buy-to-let market should remain strong as it is under-pinned by a shortage of affordable homes to buy. However, it remains to be seen what long-term effects the government’s plans to make it easier to build new houses for sale, announced in last week’s Queen’s Speech, will have on the rental market."