Landlords still have an appetite to buy despite recent changes to stamp duty on additional investment properties, according to Landbay.
In the wake of the Budget, 27% of landlords told Landbay they are still looking to purchase properties.
Among those willing to buy, there was an equal split between landlords with four to 10 properties and those with portfolios of 11 to 20 (31% each).
The majority of respondents (77%) own their properties and portfolios through a limited company structure.
According to the results, the main reason given for pushing ahead with purchases was a desire to build a property portfolio (56%).
Almost two-in-ten landlords said it was because of the increase in tenant demand, while 13% based their intentions on a potential increase in house prices.
Almost a quarter said they were unsure of their purchase plans as of yet, while half had no intentions to purchase.
Landlords with rental properties in the capital were most likely to be weighing up buying additional properties in the next 12 months (34%), followed by those in the North West (20%).
Rob Stanton, sales and distribution director at Landbay (pictured above), said: “Even with the changes announced to stamp duty, there is still clearly an appetite among landlords to grow and purchase additional properties.
“While there are undoubtedly those focusing on what they have right now, we have certainly seen landlords remaining active in the market and capitalising on the investment opportunities that remain.
“While house prices on average have remained robust, we know this isn’t the picture in all areas of the country.
“Given the complex residential market we find ourselves in, landlords are working with knowledgeable local brokers to identify opportunities and are pushing ahead - factoring in the increase in stamp duty into their negotiations.”
