Friday, May 15, 2009
BTL – prices and lending down with arrears up
The UK buy-to-let market continued to struggle in the first quarter of 2009 as funding restrictions and falling house prices took hold, according to the Council of Mortgage Lenders. It found that new buy-to-let lending fell for the sixth consecutive quarter in the first three months of 2009; buy-to-lending accounted for 6 per cent of all gross mortgage lending in the first quarter, down from 12 per cent a year earlier. It also found that 3.09 per cent of buy-to-let loans were in arrears of three months or more at the end of the first quarter, up from 2.31 per cent at the end of 2008.