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Half-year figures show huge scale of buy to let growth
Half-year figures from specialist buy to let mortgage company Paragon give an insight into the scale of increased activity in the private rental sector.
The company reported that underlying profits for the first six months of 2015 were £63.9m, up 10.4 per cent from the £57.9m for the same period of 2014.
Most impressive were the buy to let completion volumes, which grew by 65.7 per cent to £446.2m in the period from January to June.
“The new buy to let business pipeline has more than doubled in the same period, underpinning further growth for the second half” says a company statement.
Although best known as the UK’s largest independent buy to let lender, Paragon recently established a subsidiary, Paragon Bank PLC, and Paragon Group is also one of the UK’s largest debt purchasers through its Idem Capital subsidiary which purchases, co-manages and services secured and unsecured consumer loan portfolios.
