The mortgage industry is predicting a 1% increase in buy-to-let business in the next 12 months, according to Paragon’s latest Financial Adviser Confidence Tracking (FACT) report.
The data revealed that buy-to-let reached 17% of business in the third quarter of the year, which is up 2% quarter-on-quarter.
The study also found that first-time landlords increased to 13% of buy-to-let business completed in Q3, whilst remortgaging rose from 55%.
In addition, the proportion of landlords raising finance with a view to adding to their property portfolio dropped, accounting for 20% in Q3 2019.
John Heron, director of mortgages at Paragon, said: “After a number of years of instability and negative sentiment in the buy-to-let market, it’s encouraging to see mortgage intermediaries forecasting increased buy-to-let business over the next 12 months.
“However, the market overall has been constrained by the current Brexit uncertainty and it remains difficult to see exactly when this will end.”