Commercial Property News - Investment property sector 'increasingly profitable'
The UK commercial property market appears to be thriving again, after the Paragon Group reported increased uptake in buy-to-let demand.
Bosses at the firm have announced it made £39.5 million in pre-tax profits during the six months leading up to March 31st 2011 – a 34.8 per cent increase on the previous period.
It attributed the positive results to the "excellent performance" of its buy-to-let portfolio.
Director of mortgages at the company John Heron said Paragon had been "encouraged" by the interest in investment property seen during the past six-months.
"The performance of the buy-to-let portfolio continues to be exemplary, with strong customer retention and low arrears levels combining to deliver excellent revenues and profits for the period," he remarked.
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