The buy-to-let sector continued to grow strongly in the second half of last year - although more slowly than in previous periods, according to the Council of mortgage Lenders.
At the end of 2004, there were about 526,200 buy-to-let mortgages worth £52.2bn, a 34 per cent increase in value over the previous year.
Buy-to-let lending continues to account for six per cent of residential mortgage lending.
New lending in the second half of 2004 was an estimated £9.8bn, 18 per cent lower than the £12bn in the first half of the year, and 16 per cent lower than the £11.6bn in the second half of 2003.
However, at £21.8bn, total residential investment lending for 2004 as a whole was 14 per cent up on 2003. The typical maximum percentage advance remained 80 per cent and lenders continued to require rental income to exceed mortgage payments by 30 per cent.
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