Fewer landlords are experiencing financial difficulty, according to the National Landlords Association (NLA), commenting on the publication of the latest buy-to-let arrears data published by the Council of Mortgage Lenders (CML).
Simon Gordon, Head of Communications, NLA, said:
"The latest figures from the Council of Mortgage Lenders demonstrate the resilience of the market in what have been difficult times for landlords. Fewer landlords are struggling to meet mortgage payments, with arrears down 37 per cent year on year. The number of properties taken into possession in the fourth quarter has also fallen by 25 per cent, as many landlords benefit from reduced interest rates.
"It is encouraging to see the total number of buy-to-let repossessions remain a small percentage of the market, at 0.46 per cent of the total book, similar to the annual rate for the residential mortgage market.
"Clearly, the figures suggest the buy-to-let market is far more robust than originally feared. The government should take note of this when considering whether regulation is really necessary. Rather than wasting effort on further legislation they should be encouraging lenders to get credit flowing again."