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Buy-to-let market 'will take years to recover'
15/11/10
Edited by Andy Jowett.It will take "several years" before the UK's buy-to-let mortgage market returns to the kind of conditions seen prior to the economic downturn in 2007, according to one observer.
Chris Horne, editor of website Property Hawk, said access to finance has eased over the past 12 months and it will continue to improve - but the process will be slow.
This is because banks are still steadily rebuilding their capital positions following the financial crisis and it will take time for confidence to reach the levels necessary to see a widespread increase in lending to landlords, he added.
"It is going to take quite a few years for the market to return to anything like it was pre-2007," Mr. Horne claimed.
His comments come after figures from the Council of Mortgage Lenders showed there were 26,900 buy-to-let loans worth £2.8 billion agreed during the third quarter of the year.
This was up eight per cent by volume and 12 per cent by value compared with the previous three months.
