Paragon says buy-to-let market is booming

The latest figures from Paragon reveal the buy-to-let market has gone from strength to strength.

The lenders preliminary results for the year ended September 30 2005 show buy-to-let loans are up 23.8% to 5,031.6m, from 4,064.1m in 2004.

Jonathan Perry, chairman of Paragon, says: “Paragon’s strategy has enabled the buy-to-let business to move forward on a broad front at a time when many lenders have seen a reduction in volumes because of lower levels of market activity generally and provides a strong base for further development going forward.

“The case for investing in residential property remains sound and the Group is well placed to benefit from the long term development of the buy-to-let market.”

James Rodea, commercial director at Cluttons, adds: “These results come as no surprise, as buy-to-let is keeping everyone busy at the moment. Investors are more comfortable with putting their money into property than stocks and shares, so I expect this market will continue to grow.”