Forty-four per cent of landlords in the UK have stated that they plan to buy property in the next 12 months, Landbay has found.

This compares to just under a third (32%) of landlords who intended to buy property in the next year at the end of 2023.

In its latest survey, Landbay revealed that more than three in five of the landlords that intend to buy said their main reason to invest was to build a property portfolio.

Nearly a third (31%) said it was because of an increase in the number of tenants, compared to 26% in Landbay’s last survey. A further 12% based their intentions on a potential drop in house prices.

Most landlords who said they will buy are portfolio landlords, with 40% owning 11 or more properties, while 42% have between four and 10 properties.

Smaller landlords are also looking to purchase, with 19% owning one to three properties.

In terms of regions, a higher proportion (28%) of landlords in the South East said they were intending to buy another property in the next 12 months. This compares to 13% who said they would do so in London.

Landlords in the Midlands, the East of England and in the North were similar, with just under a quarter in each area saying they would buy.

However, two in five landlords (40%) said they were not looking to buy property, with just under 30% stating that they were looking to sell some of their properties over the next 12 months.

This group expressed concerns about fluctuations in mortgage interest rates, difficulties in evicting tenants and landlord taxation.

Sales and distribution director at Landbay, Rob Stanton, 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."

---