of 2004, lending fell by 18% compared to the first half of the year, according to a recent survey conducted by the Council of Mortgage Lenders (CML). However, at £21.8 billion, total residential investment lending for 2004 as a whole was still 14% up on 2003. Buy-to-let lending continues to account for 6% of total outstanding residential mortgage lending.

Commenting on the latest survey, CML Senior Policy Adviser Andrew Heywood said: "Our survey suggests that buy-to-let investors are largely holding on to their existing portfolios, but simply making fewer acquisitions. This trend of slower, but continuing, market growth is what we expect to see throughout 2005.

"Recent CML research to g