Research from Aldermore’s Buy to Let 2026 report* shows that nearly half of landlords (45%) say they are currently unable to expand their portfolios under existing conditions.

However, this doesn’t point to a lack of appetite. Instead, it highlights how landlords are responding to a more complex operating environment, shaped by tax considerations, higher transaction costs and regulatory expectations.

As a result, many landlords are taking a step back and looking more closely at how their portfolios are structured and financed. Borrowing decisions are becoming more strategic, focusing not just on the next purchase but on how lending supports the overall performance of a portfolio.

One clear sign of this shift is the growing use of different ownership structures.

Some 16% of landlords say they have incorporated within the past year to improve tax efficiency, while a further 7% are considering doing so. Mixed ownership structures are also becoming more common.

For brokers, this naturally creates more detailed conversations with clients about how borrowing is arranged and how different structures can support long-term goals.

This environment gives brokers an important opportunity to add value.

Rather than simply sourcing a product for a single transaction, brokers are increasingly helping landlords think more broadly about their financing strategy. That might involve refinancing across a portfolio, reshaping borrowing across several properties or reviewing whether an existing structure is still the right fit.

In many ways, it plays directly to the strengths of the broker market. Expertise, insight and the ability to guide clients through evolving conditions are becoming even more valuable.

Specialist lenders also have an important role to play as portfolios evolve.

At Aldermore, that means focusing on understanding portfolio landlords as businesses rather than individual applications. By recognising complexity and maintaining consistent underwriting, lenders can support brokers with cases where structure and strategy are just as important as the property itself.

The buy-to-let market is not stepping back; it is becoming more considered and professional.

More than half of landlords report that property values have risen over the past year, while many have also seen rental yields increase. As a result, the focus for many investors is now on making the most of existing opportunities through careful planning and the right lending support.

For brokers, that creates the chance to have deeper, more strategic conversations with clients, and to play an even more central role in shaping how portfolios grow in the years ahead.

*Survey conducted by Opinium for Aldermore and Lansons among 500 landlords and 2,000 renters, 10–20 February 2026.

“Although average rents are rising more slowly, industry data shows that rental yields are still healthy and tenant demand has not faded away.

“The introduction of the Renters’ Right Act, plus the upcoming legislation on energy efficiency in the rental market, is prompting landlords to think more strategically about their investments, leading to greater professionalisation across the market.

“There are no signs of a landlord exodus, rather a repositioning of the private rented sector, which must be met by lenders and brokers adapting to this new era of buy to let.”