Operating profits at Paragon Mortgages’ parent company, the Paragon Group of Companies, totalled £98m in the first half of 2015, rising by 11% on the same period last year when profits totalled £88.3m.
Paragon Mortgages reported completions of £370.3m from the beginning of April to the end of June 2015, increasing by 98% on the corresponding quarter in 2014. In the year to date, buy-to-let completions reached £816.5m.
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 10 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.”
