UK Buy to Let Sector to Celebrate Its Anniversary

The UK buy to let sector is to celebrate its 15th anniversary on September, 24. The Paragon Group recalls the launch of the sector by ARLA.

The buy to let sector will celebrate its 15th anniversary in 2 days. On September, 24th 1996 the Association of Residential Letting Agents (ARLA) officially launched buy to let at the RAC Club. It was supported by the Council of Mortgage Lenders (CML) and the founding lenders of the industry - Paragon Mortgages and Mortgage Trust.

Since the very birth of the sector, the value of outstanding buy to let balances increased almost 30 times, from 5.4 billion in 1999 to 154.5 billion on 2011.

Commenting on the anniversary of the buy to let sector, Nigel Terrington of Paragon Group, said:

"Buy-to-let has galvanised the rental market over the past 15 years, whilst providing an attractive asset class for property investors. Buy-to-let finance was the catalyst for the revitalisation of the modern private rented sector."