Shares in Paragon (PAG) jumped over 4 per cent after the buy-to-let specialist reported further strong growth at the full-year stage. News that capital is being returned to shareholders through a £50m share buyback scheme buoyed sentiment, too.
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Against the backdrop of a booming rented sector, strong demand for buy-to-let mortgages helped completions jump nearly 83 per cent year-on-year to £657m, while divisional operating profit rose 15 per cent to £80.5m. Credit quality has continued to improve, too: buy-to-let loans that are three months or more in arrears fell to just 0.25 per cent of the total, from 0.35 per cent a year earlier.