Around 32% of buy-to-let landlords are looking to buy property in the next year, a survey has found.
According to a Landbay survey of around 1,100 landlords, within those wanting to buy, over three quarters say they are building their portfolio.
Over a third pointed to the increase in the number of tenants and a further third pointed to the drop in house prices as a motivating factor.
Approximately 44% per cent of those intending to buy were portfolio landlords with 11 or more properties and 26% had between four and 10 properties.
Only 30% of landlords owning one to three properties were looking to buy more rental properties.
Nearly half of landlords in Midlands and the East of England were planning on buying in the next year, followed by 39% in the North and 23% in the London and the South.
A quarter of landlords were unsure of their future plans regarding buying but said if the right opportunity came up they would consider it.
Around 43% of landlords were not looking to buy property citing lack of funds, interest rate rises and upcoming regulation from the Renters Reform Bill.
Landbay: ‘Opportunities out there’
Rob Stanton, Landbay’s business development director, said: “Despite the various pressures buy-to-let landlords are facing, there is still appetite for further house purchase. We know there is a big demand for rental property and this is one of the reasons landlords are actively looking to expand their portfolios. They are also keeping an eye on falling house prices and other landlords selling up.
“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.”