Paragon are the UK’s biggest player in the buy to let sector and it appears from figures released this week that their figures are on the up!
2008 bought in figures of 53.7 million pounds and it appears likely that the figures for 2009 will top that by 1.1 percent. The group is putting their success down to very careful mortgage book management.
Paragon chief executive, Nigel Terrington, can be forgiven for sounding a little smug when he says “In a year which has seen a deep UK recession and continuing turmoil in credit and banking markets, Paragon has fared well, significantly strengthening its position at a time when many of its competitors have failed.”
Despite the fact that the group’s loss provisions showed an increase in this time they are clearly making enough in other areas to offset this and show an improvement in their overall figures.
According to analysts, this is a good sign for the market in general. Galvan Research head of trading, Ed Woolfitt, says “As the property market firms up and starts to improve, niche sector operators like Paragon are set to benefit substantially. We believe the improving prospects and strong cash position puts Paragon into pole position as a recovery play.”
And paragon themselves have indicated that as the market firms up and profits start to improve, they hope to be able to go back to supporting the new lenders in the market.
