Additionally, the number of January purchases was up 8 per cent on figures from six months ago, pointing towards positive sector growth in 2008 even though purchases continue to drop off elsewhere in the market.
This data indicates that the ongoing market tubulence may have only impacted the novice buy-to-let investor, with seasoned landlords capitalising on the availability of properties as residential buyers sit back and take stock.
Home purchase loans are holding their ground though, albeit at a far more modest level. Hamptions noted 2 per cent growth between December 2007 and January 2008, although the total has dropped by 12 per cent since January 2007.
"It is nice to see a glimmer of hope on the horizon," said Jonathan Cornell, managing director of Hamptons International Mortgages.
"I would hope that February’s rate cut will install some much needed liquidity back into the market and restore a little consumer confidence.”
