CML: UK 'Buy-to-Let' Volume Edges Up

The dollar volume of new "buy to let" loans in the United Kingdom has risen slightly on a year-to-year basis, but the number of such loans has seen a "modest" reduction, according to a new Council of Mortgage Lenders study.The dollar volume of these loans, which are roughly the equivalent of investor mortgages in the United States, was around £9.9 billion (about $17.9 billion) in the first half of this year, the CML said. The council said the number of new loans decreased 4% to 94,000, but noted that this is "a more modest reduction than the 18% fall in the second half of 2004." CML senior policy adviser Andrew Heywood said, "As the housing market continues its 'soft landing,' it is no surprise the buy-to-let sector follows suit." The CML can be found on the Web at http://www.cml.org.uk/.