November 15, 2010 | Author

Author Julie Hanson

Problematic access to homeownership in the current market will only prove beneficial for the private rental sector and people with rented property insurance.

This is according to Michael Coogan, the director-general of the Council of Mortgage Lenders (CML), who explained that as a result, the industry is seeing and will continue to profit from “high levels of demand for good-quality housing”.

He made this observation in response to figures from the organisation revealing that buy-to-let lending was up by 12 per cent in the third quarter of the year, although this is low when compared with previous years, running at a level last seen in 2002.

“We would expect buy-to-let demand to pick up further if current rising rental trends continue and house prices remain broadly stable,” Mr Coogan continued.

Signs of improvement in the remortgage market are also being seen, with the CML indicating that loans in this regard increased from 25,000 in August to 29,000 in September.

Posted by Sarah Adie