A majority of buy-to-let landlords see the UK’s vote to leave the EU as a threat to their property business, with some reviewing their plans to invest further in the industry, according to a new survey.
A poll of 500 private landlords conducted by Intus Lettings found that 27% believe Brexit poses a threat, compared to 22% who see it as an opportunity. Just over half - 51% - of landlords said that they were not sure.
According to the study, 52% of landlords voted ‘remain’, compared to 43% who voted ‘leave’, with the remaining 5% admitting to not voting.
Many respondents said they were reviewing their property investment plans because of Brexit, with 38% believing it will have an impact.
Some 12% of landlords think demand will increase, while just over a quarter - 26% - think it will reduce.
Some 41% of landlords think demand will stay the same, while one in five – 21% - are unsure.
Looking regionally, landlords are most pessimistic about Brext in London, while landlords in the North East generally consider the UK’s withdrawal from the EU as an opportunity.
Hope McKendrick, letting manager at Intus Lettings, said: “It’s fascinating to see that, were it up to landlords, we wouldn’t be leaving the EU.
“It’s likely that concerns around freedom of movement and the rights of EU nationals living in the UK influenced their decision, with such citizens making up a substantial proportion of renters in this country.”
Intus Lettings’ survey found that 40% of existing landlords intend on adding to their property portfolio within the next five years.
Hope added: “It is still unclear how the buy-to-let market will fare post-Brexit, but one thing that is for certain is that it hasn’t shaken the industry quite as dramatically as expected. There is still a lot of appetite for buy-to-let properties among investors and the private rented sector continues to grow.
“As long as landlords do their research and choose the right type of property in the right area, they can still expect to generate substantial yields for years to come.”