Assessing the spread of buy to let mortgage lending across 121 postal areas of England, Wales and Scotland, the research revealed that in Q2 2007 Newcastle-upon-Tyne (postcode NE) saw the greatest number of buy to let loans completed across the country.
Property investors in this northern region took out 3,545 buy to let mortgages in Q2 2007, 32 per cent more than the next highest postal area - London Eastern Central (EC), 2,676.
Top five Buy to Let ‘hot-spots’ by postal area
- Newcastle upon Tyne - NE
- London - EC
- Birmingham - B
- Glasgow - G
- London - W
At the other end of the scale, the postal area which saw the least amount of Buy-to-Let lending was the Outer Hebrides (HS) with only 3 mortgages taken out for investment properties in Q2 2007; [79 per cent] below the next lowest area – Kirkwall (KW). Perhaps predictably the bottom five Buy-to-Let ‘not-spots’ are situated in either rural or remote areas of Scotland and Wales.
Bottom five Buy-to-Let ‘not-spots’ by postal area
- Outer Hebrides - HS
- Kirkwall - KW
- Llandrindod Wells - LD
- Dumfries – DG
- Galashiels - TD
- London - EC - £609,678,190
- Newcastle upon Tyne - NE - £440,470,250
- London - W - £403,853,199
- London - SW - £357,263,160
- London - E - £279,440,267
“However, stepping aside from geographical breakdowns and analysing the figures further, the data displayed shows that brokers across the country were writing good amounts of buy to let business during the first half of the year with the total number of buy to let loans taken out increasing 20% from Q1 to Q2 2007”.
