Paragon doubles mortgage business
In the three months to June 30 completion levels increased by 98% year-on-year to total £370.3m.
Paragon Group also upped its operating profits by 11% to £98m in the nine months to 30 June 2015.
John Heron, Managing Director of Paragon Mortgages, said: “We have seen a substantial increase in market share over the last year as our strategy to diversify funding has started to pay dividends.
“This is against a background of strong and sustained tenant demand in a Private Rented Sector that has doubled in scale in the last ten years and now accounts for 4.9 million homes.
“Buy-to-let plays an important role in supporting the sector and making sure the market can respond to this continued increase in demand for rented homes.”
The growth of buy-to-let concerned some, as on July 8 Chancellor George Osborne announced that the government would gradually cut down on higher rate buy-to-let tax relief until 2020 seemingly to cool down the market.
In the year to date Paragon’s buy-to-let completions have reached £816.5m.