Growth predicted for buy-to-let sector

The buy-to-let sector in the UK is set for more growth, according to Paragon.

In an update of its trading position for the last half-year, Paragon stated that higher levels of buy-to-let activity have boosted growth for the group over the last six months.

It added that "the pipeline of new buy-to-let business remains strong" and ahead of the position it was in last year.

And the group predicts that the buy-to-let sector in the UK will continue to grow, as short-term demand and long-term demographic issues "remain supportive of a strong private rented sector for the foreseeable future".

This suggests there is "considerable" room for further growth within the sector, Paragon said.

The Council of Mortgage Lenders said last month that during 2006, buy-to-let mortgage lending constituted 11 per cent of all new lending.

Some 330,000 new buy-to-let mortgages were approved last year, which was an increase of 48 per cent from 2005.

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