Two new reports confirm that Buy-to-Let (BTL) and portfolio landlords are optimistic about the rental market and are even looking to build on their portfolios over the coming 12 months.
- Over a quarter of BTL landlords plan to expand their portfolio in the next 12 months
- Over 65% of landlords feel positive about their portfolios, whether they intend to expand or not
- Fewer than half are preparing to reduce the size of their portfolios
Together also found that while 16% of landlords are planning to exit the market altogether, 58% would recommend that others invest in the market. So, there appears to be some appetite for "a new generation of professional landlords and developers". It was also found that of those surveyed, landlords in London, the West Midlands, and the North West were most likely to be considering increasing their portfolios.
There are still some reservations by landlords around interest rates (49%) and the business outlook for 2024 (10%), but there are clearly opportunities for intrepid landlords across the country.
Managing Partner Surbhi Vedhara commented on the data:
“It is encouraging to see such positive news from multiple sources; the future is bright for the Buy-to-Let sector! We appreciate that there is still some hesitation around some of the challenges of the past few years, but the best way to combat those challenges and make the most out of the opportunities is to engage with a solicitor who specialises in working with landlords.
We have a dedicated Landlord team that can advise landlords with any size of portfolio on all aspects of property investment, whether they are a local investor looking to build a small pension pot with their BTL acquisitions, or an investor hoping to diversify their offer. We also have a successful track record working with landlords nationwide, particularly London and the South East."
The firm, alongside other prominent regional businesses, is part of the North East Landlords group, offering regular events and updates to landlords in the area to ensure they are supported and connected with the right advice from industry experts. Sweeney Miller’s Residential Conveyancing team is also shortlisted for Team of the Year at the 2024 British Conveyancing Awards in March.
From our head office in Gosforth, our expert Landlord and Tenant litigation team also has a wealth of expertise and experience in advising new and established landlords on any contentious issues that may arise after the purchase has gone through and the tenants are in place.
If you are a residential landlord with any sized portfolio and want to make sure you have the correct legal advice for any eventuality, get in touch to speak to a member of our team today by calling 0345 900 5401 or email email@example.com.