The National Landlords Association (NLA) has said that the buy-to-let market remains strong, with the current economic situation providing an excellent opportunity for portfolio expansion.

Representing nearly 14,000 private landlords, the NLA said the average UK rent had increased by 13.8 per cent between January and April of this year.

And with first-time buyers struggling to get onto the property ladder private landlords could reap the benefits of increased numbers of people in need of rented accommodation.

David Salusbury, Chairman, NLA, commenting on NLA Mortgages, said: "The NLA does not subscribe to the view that the end is in sight for the buy-to-let market.

"On the contrary, we believe now is a good time for the professional portfolio landlord, many of whom will be benefiting from increased demand and rising rents."

According to Halifax''s house price index the price of property fell by 2.4 per cent in May and was down an average of 3.8 per cent on last year''s figures.

Abbey released a statement earlier this week which said that 800,000 people planned to sell their home and move into rented accommodation in the hope they could profit from the current slump in house prices.