This was a notable increase from the 32% of landlords who intended to buy property in the next year when asked at the end of 2023, according to a poll conducted by Landbay.
More than six out of 10 landlords polled said their reason for wanting to buy property was to increase their portfolio. Some 31% said they were looking to purchase due to a rise in the number of tenants, an increase from 26% who said the same in the previous survey.
For 12%, their motivation to buy property was driven by a potential fall in house prices.
One landlord had the opposite view and said: “I think we may see an increase in house prices; I am building my property portfolio.”
Most of the landlords who intend to buy property are already portfolio landlords, with two-fifths owning 11 or more properties and 42% having between four and 10 properties.
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The desire to purchase was also found among 19% of those with smaller investments, who owned just 1-3 properties.
Differing confidence levels among landlords
The confidence of landlords indicated by their purchase plans varied across different regions, the Landbay survey found.
Some 28% of landlords in the South East expressed their intention to buy property in the next 12 months, but just 13% said they would purchase in London.
They had similar confidence levels in the Midlands, East of England and the North, with just less than a quarter in each area expecting to purchase in the next year.
The survey found 16% of landlords were unsure of what they would do next, but this was smaller than the quarter of them who felt this way in the previous survey.
Some 40% had no plans to buy property and just under 30% said they were looking to sell some properties over the next year. For those wanting to dispose of property, reasons included fluctuating mortgage rates, difficulties with evicting tenants and landlord tax.
Rob Stanton, Landbay’s sales and distribution director, said: “Despite the various pressures faced by landlords, there is still an appetite for further house purchases. The increase demonstrates the continued attractiveness of buy to let as a long-term investment strategy, which is supported by the strong demand for rental properties.
“We are committed to providing innovative solutions that meet the evolving needs of both landlords and brokers. By combining a growing appetite for investment with our expanding product range, Landbay is well-positioned to support the continued growth of the buy-to-let sector.”
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