According to a survey from Landbay, this is almost double previous survey figures following the Autumn Budget, which showed that just 27% of BTL landlords planned to expand their portfolios.
On average, landlords are planning to buy around three or more properties, but some are intending to buy 10 or more.
The biggest intention comes from non-portfolio landlords, with four or fewer mortgaged properties, and from larger landlords, with portfolios of between 16 and 30 properties, at nearly a quarter each.
The report added that around two-thirds of those intending to buy will factor the stamp duty increase into negotiations and over half plan to buy a home that requires little to no modification to meet future Energy Performance Certificate (EPC) deadlines.
The biggest proportion of those looking to buy is landlords with rental properties in the South East at 25%, followed by London and then the North West of England.
Mind the affordability gap
Sponsored by Newcastle for Intermediaries
Rob Stanton, sales and distribution director at Landbay, said: “While there are those that try to talk down the BTL sector and focus solely [on] the obstacles, it is fantastic to see many landlords are still looking at the opportunities.
“Whether it be high tenant demand, strong rental yields or viable investment opportunities up and down the country, landlords are setting their sights on growing their portfolios – which is fantastic news for the one in five households that rely on the private rented sector.”
He continued: “BTL lenders – including Landbay – continue to demonstrate that they are ready and willing to lend to support landlords and their ambitions. Furthermore, the sector is supported by tremendous advisers who are well-placed to help landlords of all sizes to identify growth areas and navigate both their local market and the wider sector amid changing policy, legislation and economic conditions.
“Continued innovation from lenders and expertise from advisers is the winning combination landlords need to expand with confidence.”
It was reported earlier today that Chancellor Rachel Reeves is considering taxing landlords National Insurance on their rental income in the Autumn Budget, which is expected to take place at the end of October or early November.
