Paragon Bank has recorded a sharp rise in the number of buy-to-let mortgage intermediaries visiting its online intermediary portal following the government’s decision to reopen the housing market in mid-May.
Visits to the intermediary portal increased 65% in the two weeks following May 13, compared to the previous two weeks, signalling a strong increase in demand for buy-to-let properties.
Successfully completed applications via the portal rose by 75% over the corresponding period as physical property visits and valuations were allowed once permitted.
Moray Hulme, mortgage sales director, commented: “The data suggests that there was plenty of pent up demand in the market caused by the lockdown and that landlords can see new opportunities to buy. Demand for private rented property remains strong and we expect it to strengthen further as potential homebuyers wait to see how the next few months pan out and rent instead.
“We have been pleased with the engagement with our Intermediary Portal since launching it last year. We intend to build on this use of technology, so we come through the other side stronger and with even more ways to support our staff, customers and partners.”