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Paragon's buy-to-let business doubles

Paragon Mortgages’ parent company, The Paragon Group of Companies, has announced its financial results for the quarter ending 30 June 2015.

The group’s operating profits totalled £98 million for the nine months to 30 June 2015, an 11% increase on the same period last year (£88.3 million).

Paragon Mortgages reported completions totalling £370.3 million in the third quarter, a 98% increase on the corresponding quarter last year. In terms of the year to date, buy-to-let completions reached £816.5 million.

The pipeline of new business stood at £864.9 million at the end of the quarter, compared to £352.7 million at the same point in 2014.

John Heron, managing director of Paragon Mortgages, said: “We have seen a substantial increase in market share over the last year as our strategy to diversify funding has started to pay dividends. This is against a background of strong and sustained tenant demand in a private rented sector that has doubled in scale in the last ten years and now accounts for 4.9 million homes. Buy-to-let plays an important role in supporting the sector and making sure the market can respond to this continued increase in demand for rented homes."

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