Specialist lender Landbay has issued another upbeat assessment of the buy to jet sector, bucking the trend of most market reports.
It claims 32 per cent of landlords intend to buy property in the next 12 months.
Almost four out of five of these landlords say they are building their portfolio with 38 per cent citing an increase in the number of tenants and 34 per cent swayed by a potential drop in house prices.
The majority of those intending to buy are portfolio landlords with 44 per cent owning 11 or more properties and 26 per cent have between four and 10 properties.
But smaller landlords are also looking to purchase with 30 per cent owning one to three properties.
Turning to the regions, a higher proportion of existing landlords in the Midlands and the East of England said they were intending to buy another property in the next 12 months. This was followed by the North.
One in four landlords are undecided on their future plans although some say they’re not actively looking but if opportunities arose they might consider further purchases.
The survey found 43 per cent of landlords were not looking to buy property with the main reasons being lack of funds, the rise in interest rates and government intervention including the Renters Reform Bill.
Rob Stanton, Landbay’s business development director, says: “Despite the various pressures buy-to-let landlords are facing, there is still appetite for further house purchase. We know there is a big demand for rental property and this is one of the reasons landlords are actively looking to expand their portfolios. They are also keeping an eye on falling house prices and other landlords selling up.
“While it is true that higher interest rates are putting off some landlords, for others there are opportunities out there. This is more noticeable in the Midlands and the North of England, with the South, typically more expensive, proving less popular for property purchase.”
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