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A block of 24 quality flats is being built two minutes walk from the main line station in our town. Most of the building work is nearly completed and the inevitable estate agents hoarding is displayed to sell as many of the flats “off plan” as possible.

At this stage of the development you’d expect to see that at least half the flats had been sold. Not with these flats. As far as I know, not any of them have been sold yet, which must be causing the developers a few sleepless nights.

A few months ago these flats would have been snapped up by buy to let investors, given the great location and high specification.

It is not just newly built flats in this area that are no longer attracting buy to let investors. A friend runs a property management business, specialising mainly in maintenance work for buy to let investors owning large portfolios. At least two of his customers are selling up - if they can.

With mortgages starting to get more expensive and lenders tightening their criteria to minimise their risks, buy to let investors are starting to feel the pinch.

The TV property programmes such as Homes under the hammer are still packed with eager investors, however these were filmed at least six months ago. Things seem to be changing and from what I’m seeing, there are less people wanting to become buy to let investors now.