Buy to let properties boosted by low mortgage lending levels, says Paragon

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Buy to let properties boosted by low mortgage lending levels, says Paragon

Paragon has claimed that the low level of mortgage lending currently taking place on the market is helping rental demand.

Nigel Terrington, chief executive of the company, made his comments after the organisation published its Private Rented Sector Trends document, which showed four out of ten landlords have seen rising levels of demand in the third quarter of 2010.

He explained that the period is historically strong for buy to let mortgage holders as students and graduates will often move house at this time.

However, Mr Terrington suggested the situation has been made worse by the low level of mortgage lending.

"Demand for private rented property is buoyant and many landlords have tenants competing for their properties," he added.

This week, the same Paragon spokesperson responded to the government's proposals to cut the social housing budget by reminding the state that the stock of rental property is at a low level and a shortage could be on the horizon.

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