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Cambridge and Counties property lending soars 41%

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  • 22/03/2017
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Cambridge and Counties property lending soars 41%
A focus on professional property investment and steering clear of "amateur buy to let" saw Cambridge & Counties increase its property lending by £167m in 2016, the bank has announced.

Commercial director Simon Lindley said focusing on the professional and corporate property investment sector, and avoiding the “high risk second mortgage, development and amateur buy-to-let markets” is behind the lender’s successful year in which lending to property investors jumped by 41%.

He added: “In terms of what we are seeing in the market, the continued redevelopment of office accommodation under Permitted Development Rights continues apace, and action taken by the government and the Bank of England saw transactions in the buy-to-let market tail off considerably towards the latter half of 2016.

“Uncertainty following the Brexit vote saw a number of larger property deals stall, but take up eventually happened, and the general UK property business continues to show a measure of resilience in the face relatively unattractive returns from other asset classes.”

Cambridge & Counties Bank recently reported record annual growth in deposits, lending and customer acquisition for the year ending 31 December 2016, with its balance sheet growing from £518m to £746m and its loan book growing from £416m to £588m.

 

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