Thursday, February 11, 2010
On borrowed time?
For 2009 as a whole, there were 93,500 buy-to-let loans advanced. This is 58% down on the number advanced in 2008 (222,700) and is the lowest annual volume since 2001. Buy-to-let gross lending was Â£8.5 billion, down from Â£27.2 billion in 2008. Buy-to-let lending represented only 5.9% of all lending in 2009 (10.7% in 2008), but the total value of outstanding buy-to-let loans still represented around 11.8% of the mortgage market despite the recent shrinkage in new business.