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Buy-to-let 'on the decline'

The amount of buy-to-let mortgages on the market lessened in the last quarter of 2007, the Royal Institute of Chartered Surveyors (Rics) said today.

According to the institute, 16 per cent more members also reported a rise over a fall in tenant lets - down from 20 per cent last quarter.

However, there was better news for existing landlords - with rental yields continuing to rise and the expectation of further increases also picking up.

The proportion of landlords selling their properties on the expiration of tenants' leases fell from 6.4 per cent to 4.6 per cent.

Barry Hall at Rics added: "While banks remain cautious about offering loans, demand for rental property will continue to increase with many would-be-buyers unable to make the jump to home ownership.

"Established investors continue to reap the benefits of the current uncertainty in the housing market and have been enjoying the fruits of rising rents, but new investors are struggling to get the necessary finance to enjoy this buoyant sector."

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