There were 19,600 buy-to-let loans in October, representing lending of £2.7bn, while the number and value of these loans rose 7% month-on-month.
9,900 BTL loans were advanced for house purchase and 9,500 for remortgage. The number of buy-to-let house purchase loans increased by 13% compared to September and up 20% compared to October last year. This totalled £1.2bn in value, up 10% on September and up 28% on October last year.
The number of remortgage loans increased in October, up 3% on September and up 23% compared to October last year. These loans had a total value of £1.4bn, up 2% on September and up 26% on October last year.
Paul Smee, director general of the CML, commented:
“This has been a year of change for our industry, but the market has shown remarkable stability with house purchase and buy-to-let lending showing steady, consistent growth throughout 2014 compared to 2013. There have been fluctuations month to month but overall the market appears to be showing a positive direction of travel going into the new year.
"Stamp duty reform was long overdue and it is welcome that the tax has been changed. It will now be interesting to see how the market reacts; the new structure should be less of a barrier to mobility for those looking to get on the housing ladder or movers looking to switch homes."
