The number of loans remained steady at 15,600, yet they still stood 23% higher than June last year. Similarly the value of loans was 38% higher year-on-year, marking the surge that has taken place in the sector.
A total of 8,200 buy-to-let loans were advanced in June for home purchasing, down 1% from May but up 24% year-on-year. The total lent, which amounted to £1bn, was unchanged from May but still stood 37% higher than June last year.
There were 7,250 loans for remortgaging, an increase of 1% month-on-month and 23% year-on-year, with the value totalling £1.1bn, 3% higher than May and 31% higher than June last year.
Lucy Hodge, director of Vantage Finance, said: “The continued strength of buy-to-let lending shows the popularity of rental accommodation hasn’t waned among property investors or tenants.
“While the residential mortgage market is experiencing the challenges of the lending restrictions associated with the MMR and borrowing limits being capped, the buy-to-let market has not been directly affected and has seen continued growth.
“The availability of funding and lender choice continues to be broad. Rising house prices across the country mean there’s a large pool of people priced out of the market looking to rent, especially in London.
“This, combined with still-low interest rates, means we have the ideal conditions for property professionals to expand their portfolios.”
