According to research from The Mortgage Lender (TML), a quarter have added one property with a further 27% adding multiple properties.
In the next year, more than half of landlords are looking to grow their property portfolio. Approximately 26% plan to add another single property to the roster, and another 26% plan to add multiple.
The report said that this could be attributed to “positivity” in the market, with nearly three quarters saying they were confident in the residential property market in the coming year.
Almost a third pointed to heightened tenant demand, while a quarter said they grew their portfolio as they had “spare capital to deploy”.
Nearly a quarter said they want to diversify their portfolios across different property types and different UK regions respectively.
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One in five said they wanted to buy a property with a better Energy Performance Certificate (EPC).
However, nearly a third of landlords said they had sold one or more properties in the last year and a further third were planning to do so in the next year.
Over a third pointed to rising interest rates at remortgage as the primary reason, followed by 28% citing falling house prices and 23% said they sold a property to buy a better investment.
Residential landlords ‘not discouraged’
Chris Kirby, head of key accounts and specialist distribution at TML, said: “Buy to let plays an important role in the residential property market, ensuring that there continues to be a good supply of quality and well-maintained rental properties to meet consumer demand.
“Last year’s high inflationary and interest rate environment saw unsettled confidence levels among prospective homebuyers, though for residential landlords our research shows they have not been as discouraged.”
He continued: “Many are taking opportunities to grow their portfolios, and with rates reducing, average rents increasing and house price growth predicted, landlords have good reason to be optimistic. It certainly paints a positive picture and highlights the continued interest in buy to let as an asset class.
“For those landlords who are looking to grow their portfolios, it’s important to seek advice to ensure they are accessing the best possible opportunities in the coming year.”
