UK property market 'getting back on its feet'
An increase in lending to purchasers of buy-to-let property has been welcomed by the Association of Residential Letting Agents (Arla).
The Council of Mortgage Lenders (CML) said earlier this week third-quarter gross buy-to-let mortgage lending was up 10% compared to the previous three months.
Arla welcomed the news, with the organisation's operations manager Ian Potter saying the recession was particularly challenging for those with buy-to-let property in the UK.
Describing the lack of lending during this time as "two years of pain" for buy-to-let investors, Mr Potter said the CML figures suggest "the market is getting back on its feet" now lending has picked up.
"The Council of Mortgage Lenders rightly points out that the buy-to-market has faced some of the greatest challenges during the recession although it remains a crucial part of the UK housing market," he added.
According to Arla, over the last 12 months, higher rental yields and low interest rates have seen the average landlord increase their number of buy-to-let properties from 6.3 to 7.
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