Paragon report high profit increase
The Paragon Group of Companies, parent firm to Paragon Mortgages, has today announced its financial results for the second quarter of 2015.
Profits
Encouragingly, the groups total operating profits amounted to £98m in the nine months to 30th June 2015, an 11% increase on the same period last year. In addition, Paragon Mortgages record completions totalling £370.3m in the quarter, representing a 98% increase on the same quarter last year. In the year as a whole, buy-to-let finishes totalled 816.5m.[1]
New business secured stood at a cumulative total of £864.9m at the end of the quarter, in comparison to £352.7m at the same time in 2014.
Paying dividends
Managing director of Paragon Mortgages, John Heron, commented, ‘we have seen a substantial increase in market share over the last year as our strategy to diversify funding has started to pay dividends.’ Heron said this was the case,’ 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 4.9m homes.’[1]
Paragon report high profit increase
‘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, ‘Heron added.[1]
[1] https://www.landlordtoday.co.uk/breaking-news/2015/7/paragons-buy-to-let-business-doubles