BTL sector 'running out of steam' - RICS

The survey of residential lettings revealed that the number of new instructions from landlords dipped at the end of last year; the first time this had occurred since 1998. Rics attributed the downturn to tighter mortgage availability for would-be landlords, as a result of the credit crunch. "Our figures are based on just the last quarter of the year, by which time we believe mortgage lenders had started to tighten their lending criteria," said a Rics spokesman. The Rics survey also found that demand from tenants, while still buoyant, was not quite as strong as before. "While banks ...