Dragonfly sees AIPs leap 20% in Q1

Dragonfly Property Finance last week revealed a 20% rise in agreements in principle by value, with £337m in applications received in the first four months of the year. This compares with £280m over the same period in 2011.

By number, AIPs rose 28% from 390 in the first four months of 2011 to 500 in the first four months of 2012.

The firm was unable to state how many AIPs on average go to completion but it says the jump is proof professional property investors and landlords are active in an otherwise flat residential property market.

Mark Posniak, marketing and operations director at Dragonfly, says: “With residential property prices falling and high street mortgage criteria tightening, it’s no surprise investor demand is rising by the day.

“It’s been well documented that buy-to-let is booming and these numbers drive home how big the sector has become.”