Buy to let investment specialist Inside Track has gone into administration, citing the credit crunch as a major contributor.

The firm specialized in weekend seminars that provided tips on property buying in the UK and abroad. Its aggressive buy to let investment strategy made it the embodiment of property speculation during the housing boom.

But an over-supply of flats in UK town centres led to falling resale values and rents not meeting expectations, which eventually led to lenders withdrawing mortgage financing from new-build apartments in 2005.

A spokesperson for the company said it was placed into adminstration because of “sustained difficulties arising from the credit crunch”.

Back in 2005, Inside Track made profits of £12 million, followed by £10.8 million in 2006 and finally £6.9 million last year.

Attendance figures for its courses had fallen dramatically and its last seminar attracted less then 12 people. As a result, it was announced that all seminars would be suspended.

Glyn Mummery, joint administrator for the company said, “Joe Public has lost confidence in the property market and there has been a huge drop-off in people going to the seminars”.

Despite making cutbacks and downsizing staff, administrator Vantis was called in.

Tony McKay, the firm's managing director said, “The action with respect to Inside Track seminars is regrettable but necessary,

“The company has seen a fall in the number of people who want to invest in the property market for the first time and that is understandable in the current climate.”

David Salusbury, chairman of the National Landlords Association, said, "Inside Track promised to make the UK a country of property millionaires.

"However, there is a real danger in encouraging such massive speculative investment in residential accommodation.

"Investors in residential property should be focused on the provision of affordable and decent homes over a much longer period of time and not just capital growth."