2024 is set to be a promising year for landlords, with 32% of buy-to-let landlords intending to buy more property according to a survey1. Driven by a desire to build their portfolio, nearly half of those with purchasing plans this year already own at least 11 properties.
Driven by increased demand
Some landlords who aim to buy are responding to current demand; 38% said their plans are driven by the increase in the number of potential tenants, while 34% are influenced by a reduction in house prices.
Location, location, location
Attitudes towards portfolio expansion are largely dependent on the landlord’s location. Rob Stanton from Landbay commented, “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.”
Landlords holding back
Higher interest rates are not the only reason some landlords are not wanting to expand their portfolio; some are holding off buying because of insufficient funds, or due to the much anticipated (and delayed) Renters (Reform) Bill which will overhaul the private rented sector.
Looking to build your property portfolio in 2024? If so, get in touch for mortgage advice – we can find the most suitable mortgage for your unique needs.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. Think carefully before securing other debts against your home.