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Massive boom in buy-to-let, reveals CML

The buy-to-let market is continuing to flourish, according to figures out today.

Some 330,000 BTL mortgages, worth a total of £38.4bn, were taken out in 2006, according to the Council of Mortgage Lenders.

This represents 11 per cent of all new lending, and is a 48 per cent increase in volume and 57 per cent increase in value over 2005.

On a half-yearly basis, buy-to-let lending of £21 billion (178,000 loans) took place in the second half of 2006, the highest figures since the survey started in 1998.

The total number of buy-to-let mortgages outstanding now stands at around 850,000, worth a total of £94.8 billion.

CML director general Michael Coogan says: “The buy-to-let market has performed even more strongly than the wider market over the course of 2006. With evidence from other sources of strong tenant demand, rising rents and falling void periods, buy-to-let looks set to continue to remain popular and successful.”

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