Monday, December 12, 2011
Commenting on the announcement that Abbey will be entering the buy-to-Let market, Nigel Stockton, Financial Services Director at Countrywide said;
"We welcome Abbey's entry into the buy-to-let lending market. To have a major lender enter the sector in time for the new year is great news for investors as it will create greater competition amongst mortgage lenders and drive much more competitive mortgage products to the market.
"In a market currently dominated by two lenders, BM Solutions and The Mortgage Works, whom we estimate to currently have over 80% market share, Abbey will need to ensure that their lending criteria is competitive in order to make any significant impact. There has been a marked increase in the availability of competitively priced buy-to-let mortgages over the last six months which has helped to make property investment an increasingly attractive option. By the end of the year, we expect the volume of activity in the buy-to-let market to have increased by 20% year on year and lending to have risen above £12bn.
"The rental market has been one of the big winners in 2011 as demand for rental properties has reached record levels and we have also seen an increase in the number of new landlords entering the market, up by 23 percent over the last three months, with the growth in the rental market likely to continue well into 2012."
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