How are landlords responding to policy change – landlord survey report H2 2024

Published 2 December 2024. Findings reflect landlord sentiment captured during fieldwork in November 2024, in the weeks after the government’s first Budget, and should be read as a snapshot of that period rather than current sentiment. Read the latest edition of Landbay’s landlord survey.

A new government, a Stamp Duty rise and a renamed Renters’ Rights Bill all landed on landlords in the second half of 2024, and it shows. In Landbay’s H2 2024 landlord survey, 62.6% of landlords are unimpressed with the new government’s housing policies, compared with 47.9% concerned about a change in government in H1 2024, and the share planning to buy is down from 43.7% to 27.5% over the same period. Landlords are not leaving the sector, but they are pulling back and becoming more selective about where and how they invest.

For brokers, this is a picture of a client base recalculating rather than retreating. Most landlords are holding what they own, more than a quarter still plan to buy, and awareness of the 2030 EPC deadline is high. The H2 2024 edition covers the Stamp Duty increase, the Renters’ Rights Bill, EPC readiness and landlord confidence.

Key findings at a glance

• In Landbay’s H2 2024 landlord survey, 62.6% of landlords are unimpressed with the new government’s housing policies, compared with 47.9% concerned about the impact of a change in government in H1 2024, before the election.
• 27.5% of landlords intend to buy a property in the next 12 months, down from 43.7% in H1 2024.
• 48.1% have no intention of selling any property, while 34.4% plan to sell some of their portfolio and 0.8% plan to sell all of it.
• 39.7% of landlords say the rise in the Stamp Duty surcharge on second homes, from 3 to 5 percentage points, means they will stop buying rental property, and a further 30.5% will rein in their buying plans.
• 90.8% of landlords are aware of the Renters’ Rights Bill, and 63.4% agree with applying Awaab’s Law to private rentals.
• 82.4% of landlords know rental properties will need an EPC rating of at least C by 2030, up from 78% in H1 2024.
• 34.9% of landlords report an average EPC rating of D to G across their portfolio, below the C rating required by 2030.
• 42% of landlords feel negative about the future of their buy to let business, against 18.3% who feel positive.

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. For H2 2024 the topical focus is the new government’s first Budget, including the higher Stamp Duty surcharge on second homes, alongside the Renters’ Rights Bill and the reinstated 2030 EPC deadline.

For the H2 2024 edition we surveyed more than 1,500 UK landlords from November 5 to 29. The report compares its findings with Landbay’s H1 2024 survey.

• Landlords surveyed: more than 1,500, 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: November 5 – 29
• Publisher: Landbay Partners Limited

“Our H2 2024 survey comes at a critical time after a general election, a new government and their first budget. It reflects on landlord sentiment regarding these changes and how they intend to navigate the challenges, including the rise in second home Stamp Duty, upcoming changes to EPC legislation and the newly renamed Renters Rights Bill.”

John Goodall, CEO of Landbay

Do most landlords use a limited company?

Limited company ownership remains the norm, broadly stable at around two thirds of landlords. In Landbay’s H2 2024 landlord survey, 64.9% of landlords operate through a limited company, and the remaining 35.1% own property as individuals.

Asked how many rental properties they own:

• 36.6% of landlords own 4 to 10 properties, the largest single group.
• 22.9% own 11 to 20 properties.
• 16.8% own more than 20 properties.
• 16.8% own 2 to 3 properties.
• 6.9% own a single property.

Broker takeaway. Around a third of landlords still hold property in their own name, so it is worth confirming ownership structure early in a conversation rather than assuming a limited company. With more than three quarters owning four or more properties, portfolio lending rules are likely to apply to most of these clients.

Where do UK landlords own the most rental property?

London and the North West lead for landlord investment. In Landbay’s H2 2024 survey, 25.2% of landlords say most of their rental property is in London, and 16% say the North West. The South East follows at 15.3% and the South West at 11.5%.

The rest of the regional split:

• 6.9% of landlords hold most of their property in the North East.
• 6.9% hold most of their property in Yorkshire and the Humber.
• 5.3% hold most of their property in the East of England.
• 4.6% hold most of their property in the East Midlands.
• 4.6% hold most of their property in the West Midlands.
• 3.8% hold most of their property in Wales.

Broker takeaway. Just over four in ten landlords hold most of their property in London or the North West, two markets with very different price points. The same portfolio strategy can therefore meet lender criteria on valuation and rental cover quite differently depending on where a client’s properties sit.

Are landlords still buying and selling?

Fewer landlords plan to buy than in H1 2024, but most are not selling. Landbay’s H2 2024 survey finds 27.5% of landlords intend to buy a property in the next 12 months, down from 43.7% in H1 2024. A further 50.4% do not intend to buy, and 22.1% are unsure.

On selling, 48.1% of landlords have no intention of selling any property, while 34.4% plan to sell some of their portfolio and 0.8% plan to sell all of it. 16.8% are unsure.

Broker takeaway. Buying intent has dropped from 43.7% to 27.5%, while fewer than one in a hundred landlords plan to sell everything. That points to landlords holding and trimming portfolios rather than exiting. Purchase enquiries are likely to soften, which makes refinancing and rate conversations on existing borrowing more important.

Are landlords happy with the new government’s housing policies?

Most landlords are unimpressed with the new government’s approach to housing. Landbay’s H2 2024 survey finds 62.6% of landlords are unimpressed with the government’s housing market policies, including its house building programme. 25.2% feel neutral, and 4.6% are impressed. This compares with 47.9% of landlords concerned about the impact of a change in government in H1 2024, before the general election.

Broker takeaway. Landlords who are unhappy with the policy direction tend to put decisions on hold until the picture is clearer. Keeping clients informed about policy changes as they happen, rather than waiting to be asked, puts a broker in a good position when those decisions restart.

How are landlords reacting to the higher Stamp Duty surcharge?

The Budget raised the Stamp Duty surcharge on second homes and investment properties from 3 to 5 percentage points, and it is weighing on buying plans. In Landbay’s H2 2024 survey, 39.7% of landlords say it means they will stop buying rental property, and a further 30.5% say they will rein in their plans to buy more. 11.5% say it will change the type of property they buy, for example towards commercial or mixed use. 12.2% say it will not affect them at all.

Asked about the government’s decision not to extend the temporary Stamp Duty threshold for movers and first-time buyers beyond the end of March 2025, 48.9% of landlords believe more tenants will stay put or rent for longer as a result, and 35.9% expect more demand for rental property as people rent rather than buy. 5.3% think it will make no difference.

Broker takeaway. Seven in ten landlords say the Stamp Duty rise will stop or slow their buying, which is consistent with the fall in purchase intent this edition. At the same time, most expect tenant demand to hold up or grow. For a client still planning to buy, it is worth confirming the higher surcharge is built into their numbers before a case reaches application.

How are landlords responding to the Renters’ Rights Bill?

Awareness of the Renters’ Rights Bill is very high. In Landbay’s H2 2024 survey, 90.8% of landlords are aware of the Bill, which proposes abolishing Section 21 “no-fault” evictions.

Reaction to the proposed new possession grounds is mixed. Asked whether new and expanded Section 8 grounds would be helpful, including mandatory grounds for occupation by the landlord or family, sale of the property, and compliance with enforcement action, 38.2% of landlords say yes, 27.5% say no, 25.2% say neither, and 9.2% do not know.

“Mandatory grounds sound reasonable, but the legal process needs to be faster and more efficient to make them effective.”

Landlord, Landbay H2 2024 landlord survey

The Bill would also apply Awaab’s Law to private landlords, setting legal timeframes for making homes safe where they contain serious hazards. 63.4% of landlords agree with this, 12.2% disagree, 19.8% are neutral, and 4.6% do not know.

“Protecting tenants is important, but these changes disproportionately target landlords and could discourage investment in the sector.”

Landlord, Landbay H2 2024 landlord survey

Broker takeaway. Majority support for Awaab’s Law, alongside mixed views on the new possession grounds, suggests landlords are less opposed to tenant protection in principle than to how the new rules will work in practice. The landlord comments point to the speed of the possession process as the sticking point, so possession timescales and compliance costs are likely to come up in client conversations.

Are landlords ready for the 2030 EPC deadline?

Awareness of the reinstated EPC deadline is high. Landbay’s H2 2024 survey finds 82.4% of landlords are aware that rental properties will need a minimum EPC rating of C by 2030, up from 78% in H1 2024.

Asked for the average EPC rating across their portfolio, landlords report:

• 50.4% of landlords have an average portfolio rating of C.
• 34.9% have an average portfolio rating of D to G.
• 7.8% have an average portfolio rating of B.
• 5.4% do not know their average rating.
• 1.6% have an average portfolio rating of A.

Among landlords with any properties rated D to G, 18% plan to bring them up to at least a C as soon as possible, while 57.7% will make the changes but wait until nearer 2030. 18% would sell the property instead, and 6.3% will make no changes but continue to rent it out.

Broker takeaway. More than a third of landlords report a portfolio average below the C rating required by 2030, and even a C average can hide individual properties that fall short. Most landlords with D to G rated properties plan to upgrade but wait until nearer the deadline. That leaves time for a conversation about funding the work, for example at remortgage, before the deadline forces it.

How do landlords see the future of buy to let?

The largest group of landlords is negative about the outlook. In Landbay’s H2 2024 survey, 42% of landlords feel negative about the future of their buy to let business, 39.7% feel neutral, and 18.3% feel positive. The report describes sentiment as more measured than in H1 2024, with rising costs and regulatory change the main pressures.

Broker takeaway. With more landlords negative than positive, this is a client base that may need more proactive contact than usual. The neutral group, close to four in ten, is the one most open to practical advice on how to adapt.

What this means for brokers overall

Taken together, Landbay’s H2 2024 landlord survey describes a sector adjusting to a harder policy environment rather than one in retreat. Most landlords are unimpressed with the new government’s housing policy, buying intentions have fallen alongside the Stamp Duty rise, and the largest group of landlords now feels negative about the future of their business. At the same time, most landlords are holding rather than selling, and awareness of both the Renters’ Rights Bill and the 2030 EPC deadline is high, although more than a third of landlords report an average EPC rating below the 2030 standard. For brokers, the opportunity lies in helping clients plan around Stamp Duty, EPC upgrades and the Renters’ Rights Bill before each change takes effect, rather than reacting afterwards.

Download your copy here.

Frequently asked questions

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. For the H2 2024 edition, we surveyed more than 1,500 UK landlords in November 2024.

Do most landlords hold their property through a limited company?

Yes, around two thirds. In Landbay’s H2 2024 landlord survey, 64.9% of landlords operate through a limited company, broadly in line with H1 2024, while 35.1% own property as individuals.

How do landlords feel about the government’s housing policies?

Mostly negative. In Landbay’s H2 2024 landlord survey, 62.6% of landlords are unimpressed with the new government’s housing market policies, and 4.6% are impressed. This compares with 47.9% concerned about the impact of a change in government in H1 2024, before the election.

Are landlords still buying property?

Fewer than before. In Landbay’s H2 2024 survey, 27.5% of landlords intend to buy a property in the next 12 months, down from 43.7% in H1 2024, while 50.4% do not.

Are landlords selling up?

Not on a large scale. In Landbay’s H2 2024 survey, 48.1% of landlords have no intention of selling any property, while 34.4% plan to sell some of their portfolio and 0.8% plan to sell all of it.

How is the Stamp Duty surcharge increase affecting landlord investment?

Significantly. In Landbay’s H2 2024 survey, 39.7% of landlords say the rise in the Stamp Duty surcharge on second homes, from 3 to 5 percentage points, means they will stop buying rental property, and a further 30.5% say they will rein in their plans to buy.

Are landlords aware of the Renters’ Rights Bill?

Yes. In Landbay’s H2 2024 survey, 90.8% of landlords are aware of the Renters’ Rights Bill, which proposes abolishing Section 21 “no-fault” evictions.

Do landlords think expanded Section 8 grounds would be helpful?

Views are mixed. In Landbay’s H2 2024 survey, 38.2% of landlords think new and expanded Section 8 possession grounds would be helpful, 27.5% do not, and 25.2% are undecided.

Do landlords support applying Awaab’s Law to private rentals?

Most do. In Landbay’s H2 2024 survey, 63.4% of landlords agree with applying Awaab’s Law to set legal timeframes for fixing serious hazards, while 12.2% disagree.

Are landlords aware of the 2030 EPC deadline?

Most are. In Landbay’s H2 2024 survey, 82.4% of landlords are aware that rental properties will need a minimum EPC rating of C by 2030, up from 78% in H1 2024.

How many landlords have properties below the 2030 EPC standard?

More than a third. In Landbay’s H2 2024 survey, 34.9% of landlords report an average portfolio EPC rating of D to G, below the C rating required by 2030. 50.4% report an average rating of C and 7.8% an average of B.

How confident are landlords about the future of buy to let?

Cautious. In Landbay’s H2 2024 survey, 42% of landlords feel negative about the future of their buy to let business, 39.7% feel neutral, and 18.3% feel positive.