How are landlord responding to a changing market – landlord survey report H1 2025

Published 30 April 2025. Findings reflect landlord sentiment during the H1 2025 survey period. For the most recent data, see our latest landlord survey report.

Confidence is returning to the buy to let market. In our H1 2025 landlord survey of more than 1,800 UK landlords, 52% said they plan to expand their portfolio this year, up from 27% in Q3 2024, and the share feeling positive about the future of their business has roughly doubled since the Autumn Budget. That optimism sits alongside real caution. Most landlords doubt the government will deliver on leasehold reform, and many are raising rents ahead of the Renters’ Rights Bill rather than waiting to see what it brings.

For brokers, this is a snapshot of where landlord clients are heading next. Portfolios are being added to rather than sold down, ownership structures have largely settled, and a significant share of landlords are reviewing rents and finances ahead of regulatory change. Each of those is a conversation about funding.

Key findings at a glance

• 52% of landlords plan to expand their portfolio in 2025, up from 27% in Q3 2024.
• Nearly 60% have no intention of selling any rental property this year, up from 47% in Q3 2024.
• 79.8% of landlords hold at least some property through a limited company, and only 20.2% hold property solely in their own name.
• 63.6% do not believe the government will abolish leasehold tenure within this parliament.
• 43.5% intend to raise rents ahead of the Renters’ Rights Bill, by an average of 6%.
• 58% disagree that media coverage of the buy to let market is fair and accurate.
• 35.5% now feel positive about the future of their buy to let business, up from 18% before the Autumn Budget.

About this survey

The Landbay landlord survey is our own research. We run it twice a year with our landlord borrower base, and publish the findings in full.

Each edition combines two sets of questions. Evergreen questions cover portfolio size, location, intentions to buy or sell and the reasons behind them, and general outlook. These stay the same in every edition, so results can be tracked over time. Topical questions are added when something significant happens in the market, such as a Budget, a change of government, or new regulation like the Renters’ Rights Act.

For the H1 2025 edition we surveyed more than 1,800 landlords. Once responses are in, we analyse the results and publish them alongside a press release covering the key findings.

• Landlords surveyed: more than 1,800, drawn from Landbay’s landlord borrower base
• Frequency: twice a year
• Question design: repeated evergreen benchmark questions, plus topical questions added in response to market events
• Fieldwork period: 9 – 24 April
• Publisher: Landbay Partners Limited

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“The buy-to-let sector has always been shaped by market forces, regulation, and public perception, but in 2025, the pace and intensity of change is more acute than ever.”

John Goodall, CEO of Landbay

Do most landlords own property through a limited company?

Limited company ownership is now the norm rather than the exception. In our H1 2025 landlord survey, 40.3% of landlords held all their rental property through a limited company. A further 39.5% held property both personally and through a limited company. Only 20.2% held property solely in their own name.

The pace of new incorporation, though, has slowed. Among landlords who still hold property personally, 17.9% plan to move it into a limited company within the next 12 months. Most, 65.8%, have no such plans, and 16.2% are undecided.

What this means for brokers: the incorporation wave has largely already happened. Most landlords who were going to restructure have done so, so the more common conversation now is how an existing mix of personal and limited company holdings affects borrowing eligibility, stress testing and tax treatment across a portfolio.

Which parts of the country do landlords invest in?

The South East remains the most common location for landlord portfolios, named by 24.2% of respondents in our H1 2025 survey as the area where most of their rental property sits. London follows at 19.4%, and the North West at 16.1%.

The South West (10.5%) and North East (7.3%) complete the top five. The West Midlands accounts for 6.5%, the East Midlands and East of England for 4.8% each, and Yorkshire and the Humber and Wales for 3.2% each.

What this means for brokers: holdings remain concentrated in the South East and London, but continued strength in the North West reflects the pull of higher yields and lower purchase costs. Regional spread within a single portfolio is common, which matters when valuing and stress testing across a mixed book.

Are landlords buying more property in 2025?

More landlords are buying again. In our H1 2025 survey, 52% said they plan to expand their portfolio in 2025. That is a marked rise from 27% in Q3 2024 and 44% in Q2 2024.

The ambition is measured rather than speculative. Among those planning to buy, 26% are targeting two additional properties this year and 15% are targeting one. A small number indicated plans to acquire up to 10.

How are buyers approaching purchases?

• 64.4% will factor the stamp duty surcharge into their negotiations.
• 52.2% will prioritise properties needing little modification to meet future EPC deadlines.
• 24.4% are looking at multi-unit property such as HMOs or MUFBs.
• 17.8% are prioritising purchases in the North.

Selling intentions point the same way. Nearly 60% of landlords have no intention of selling any rental property this year, up from 47% in Q3 2024.

What this means for brokers: purchase enquiries should be rising, and they are coming from landlords who have already priced regulation into the deal. Energy efficiency is now a purchase criterion rather than an afterthought, and a quarter of buyers are considering HMOs or MUFBs, where criteria and valuation vary considerably between lenders.

Will the government abolish leasehold tenure?

Landlords are sceptical that reform will arrive on schedule. In our H1 2025 survey, 63.6% said they do not believe the government will achieve its goal of abolishing leasehold tenure within this parliament. The remaining 36.4% think it is achievable. Landlords pointed to a long history of delays and reversals in housing reform as the basis for their doubt.

What this means for brokers: few landlords are making decisions on the assumption that leasehold will disappear. Leasehold stock is being bought, held and financed on current terms, so lease length and service charge remain live underwriting considerations rather than transitional details.

Will planning reform hurt landlords’ buy to let businesses?

Most landlords do not expect planning reform to hurt them directly. In our H1 2025 survey, 54% said reform of planning will not negatively affect their buy to let business. Among those who did see a risk, 25% pointed to uncertainty and longer approval processes from changes to planning rules, 11.3% expected reform to kickstart building and increase supply, and 9.7% expected it to encourage institutional investment, making it harder for individual landlords to compete.

Landlords are less convinced that reform will solve the underlying shortage. Nearly half, 47%, pointed to labour and skills shortages in the construction sector. A further 30% said renters will still be priced out regardless of how much housing stock is built.

“In theory, planning reform is great. However, there needs to be a more holistic look to ensure that we have the infrastructure and resources necessary.”

Survey respondent, H1 2025 landlord survey

What this means for brokers: landlords are not pausing purchases on planning grounds. They expect rental demand to stay strong because they do not expect supply to catch up, which is consistent with the rise in portfolio expansion plans elsewhere in this survey.

How do landlords feel about commonhold tenure?

There is genuine interest in commonhold, and it is mostly about cost. In our H1 2025 survey, 46.6% of landlords said a lower service charge would make commonhold tenure attractive. A further 21.2% pointed to better maintained buildings and the chance to charge higher rents, and 11% to retaining occupants for longer. The remaining 21.2% said none of these factors would make commonhold attractive to them.

What would prevent landlords embracing commonhold?

• 49.2% cited the need to secure 100% agreement among leaseholders.
• 49.2% cited the threat of mismanagement by commonholders.
• 25.8% cited cash reserves and a lack of liquidity.
• 21.8% said their freeholder already runs the property well.

The picture is an appetite for reform held back by practical doubt, alongside a clear call for realistic timetables and support in execution.

What this means for brokers: commonhold is unlikely to change how leasehold stock is financed in the near term, given how few landlords expect conversion to clear the unanimity hurdle. Service charge levels remain the more immediate factor in whether a leasehold case works on affordability.

How are landlords responding to the Renters’ Rights Bill?

Many landlords are acting ahead of the legislation. In our H1 2025 survey, 43.5% said they intend to raise rents ahead of the Renters’ Rights Bill being implemented. Just under a third, 31.5%, said they would not, and 25% were unsure.

Those planning an increase intend to raise rents by 6% on average. On the average UK rent that adds roughly £74 a month, or nearly £900 a year.

How would landlords respond to rent caps?

• 37% would freeze investment and stop purchasing new property.
• 34% would begin selling down their portfolio.
• 16% would sell all their property and exit the sector.
• 20% would continue investing or expanding.

Taken together, these answers describe a sector protecting profitability rather than heading for the exit.

What this means for brokers: landlords reviewing rent levels are usually reviewing their finances at the same time. That makes this a natural moment for refinancing and product transfer conversations, particularly for clients whose rental income has moved enough to change what they can borrow.

How do landlords feel about media coverage of buy to let?

Landlords are frustrated with how they are described publicly. In our H1 2025 survey, 58% disagreed or strongly disagreed that media coverage of the buy to let market is fair and accurate. Only around 9% agreed or strongly agreed, with 33.1% neither agreeing nor disagreeing.

“Landlords provide a vital service but are portrayed as villains.”

Survey respondent, H1 2025 landlord survey

What this means for brokers: landlords consistently tell us they feel unheard. Advisers who treat letting as a business rather than a controversy tend to build longer relationships, and that tone matters as much as the product recommendation.

Is landlord confidence in buy to let recovering?

Sentiment has improved sharply. In our H1 2025 survey, 35.5% of landlords said they feel positive about the future of their buy to let business, roughly double the 18% recorded before the Autumn Budget. Negativity fell from 43% to 21%. Neutral sentiment held steady at 43.5%, suggesting many landlords are cautiously optimistic rather than outright bullish.

What this means for brokers: the largest group of landlords is neither confident nor pessimistic but waiting to be persuaded. Clear, practical advice is what moves that group, and it is where the strongest relationships are built.

What this means for brokers overall

The H1 2025 survey describes a sector in transition but not in retreat. Landlords are buying again, holding what they own, structuring deals around regulation and prioritising energy efficiency. They are also asking more of their advisers. Landlords told us repeatedly that they want expert guidance rather than transactional support, and the brokers who provide it are the ones keeping these clients through a period of change.

Download your copy here.

Frequently asked questions

How many landlords took part in Landbay’s H1 2025 survey?
We surveyed more than 1,800 UK landlords for the H1 2025 edition.

How does Landbay run its landlord survey?
We survey our landlord borrower base twice a year. Each edition repeats a set of evergreen benchmark questions on portfolio size, location, buying and selling intentions and outlook, and adds topical questions when significant market events occur.

What proportion of landlords plan to buy more property in 2025?
52% of landlords said they plan to expand their portfolio in 2025, up from 27% in Q3 2024 and 44% in Q2 2024.

Are landlords selling up?
Mostly not. Nearly 60% of landlords have no intention of selling any rental property this year, up from 47% in Q3 2024.

Do most UK landlords use a limited company structure?
Yes. 40.3% hold all their property through a limited company and a further 39.5% hold property both personally and through a limited company, leaving 20.2% holding property solely in their own name.

Are landlords still moving property into limited companies?
Fewer than before. Among landlords still holding property personally, 17.9% plan to transfer it into a limited company within the next 12 months, while 65.8% have no such plans and 16.2% are undecided.

Where do UK landlords own the most rental property?
The South East, named by 24.2% of landlords as where most of their rental property sits, followed by London at 19.4% and the North West at 16.1%.

Do landlords think the government will abolish leasehold tenure?
Most do not. 63.6% of landlords surveyed do not believe the government will achieve this within the current parliament.

Do landlords think planning reform will damage their buy to let business?
Most do not. 54% of landlords said planning reform will not negatively affect their buy to let business, though 25% expect uncertainty and longer approval processes.

Will planning reform solve the housing shortage?
Landlords are doubtful. 47% pointed to labour and skills shortages in construction, and 30% said renters will still be priced out regardless of how much housing stock is built.

What would make commonhold tenure attractive to landlords?
Lower service charges, cited by 46.6% of landlords, followed by better maintained buildings and the chance to charge higher rents at 21.2%.

What is stopping landlords embracing commonhold?
Two barriers stand out equally. 49.2% cited the need to secure 100% agreement among leaseholders and 49.2% cited the threat of mismanagement by commonholders.

Are landlords raising rents ahead of the Renters’ Rights Bill?
43.5% said they intend to raise rents ahead of the Bill, by an average of 6%, which adds roughly £74 a month to the average UK rent.

How would landlords respond to rent caps?
37% would freeze investment and stop buying, 34% would begin selling down their portfolio, and 16% would exit the sector entirely. 20% would continue investing or expanding.

Do landlords think media coverage of buy to let is fair?
No. 58% disagree or strongly disagree that media portrayal of the buy to let market is fair and accurate.

How confident are landlords about the future of buy to let?
Confidence is rising. 35.5% feel positive about the future of their business, up from 18% before the Autumn Budget, while 21% feel negative, down from 43%.