What the post-Budget data means for brokers – landlord survey report H2 2025

Published January 28 2026. Findings reflect landlord sentiment captured during fieldwork in December 2025 and January 2026, in the weeks following the Autumn Budget, and should be read as a snapshot of that period rather than current sentiment. Read the latest edition of Landbay’s landlord sentiment survey.

Download your copy here.

Six in ten landlords told us the Autumn Budget made them feel more negative about buy to let. Yet in Landbay’s H2 2025 landlord survey, most had no plans to sell up, and a third still intend to buy. The data points to a market that is cautious and price sensitive, not one heading for the exit.

Media coverage since the Budget has focused on landlords leaving the sector. For brokers, the more useful question is what landlords are actually planning to do with their existing portfolios and their next purchase or sale, because that is where the placing opportunity sits. Landbay’s H2 2025 landlord survey was fielded specifically to answer that question, covering Budget sentiment, buying and selling intentions, rent plans and adviser loyalty.

Key findings at a glance

• In Landbay’s H2 2025 landlord survey, 61.6% of landlords said the Autumn Budget made them feel more negative about investing in buy to let.
• 27.2% of landlords said the Budget made no difference to their view, and 11.2% felt more positive.
• According to Landbay’s H2 2025 survey, 48.8% of landlords do not intend to buy a property in the next 12 months, while 33.6% plan to buy at least one.
• Landbay’s H2 2025 survey found 47.2% of landlords have no plans to sell, while 40.8% plan to sell at least one property in the next 12 months.
• In our H2 2025 landlord survey, 45.6% of landlords plan to raise rents in line with inflation, and a further 34.4% plan to raise rents above inflation.
• Landbay’s H2 2025 survey found 75.2% of landlords would use the same mortgage adviser again for a buy-to-let mortgage.
• In the same survey, 13.6% of landlords said they plan no rent change at all in the next 12 months.

About this survey

The Landbay landlord survey is our own research. We run it twice a year with our landlord borrower base of around 2,000 UK landlords, 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 H2 2025 edition we surveyed around 2,000 landlords in December 2025 and January 2026, in the weeks immediately following the UK’s Autumn Budget. Once responses are in, we analyse the results and publish them alongside a press release covering the key findings.

• Landlords surveyed: around 2,000, 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: December 11 – 4 January
• Publisher: Landbay Partners Limited

Did the Autumn Budget change how landlords feel?

The Autumn Budget made most landlords more cautious about buy to let, but it did not push most of them towards the exit.

In Landbay’s H2 2025 landlord survey, 61.6% of landlords said the Budget made them feel more negative about investing in buy to let. A further 27.2% said it made no difference to how they feel, and 11.2% said it made them feel more positive.

Broker takeaway. The size of the neutral group matters as much as the negative one. Landlords who say the Budget made no difference are not necessarily settled, they may simply be waiting for clarity before acting. This is a good moment to open a conversation about stress testing a portfolio against new tax and compliance costs, rather than waiting for the client to raise it.

Are landlords buying in the next 12 months?

A third of landlords still plan to buy, even after the Budget. According to Landbay’s H2 2025 survey, 33.6% of landlords plan to purchase at least one property in the next 12 months. Just under half, 48.8%, do not intend to buy, and 17.6% are unsure.

Broken down by how many properties landlords intend to add, the H2 2025 survey found:

• 15.2% of landlords plan to buy one property in the next 12 months.
• 12.0% plan to buy two to three properties.
• 4.8% plan to buy four to ten properties.
• 1.6% plan to buy eleven or more properties.

Are landlords selling up after the Budget?

Most are not. Landbay’s H2 2025 survey found 47.2% of landlords have no plans to sell any property in the next 12 months, while 40.8% plan to sell at least one and 12.0% are unsure.

Among those planning to sell, the H2 2025 survey found:

• 13.6% of landlords plan to sell one property in the next 12 months.
• 19.2% plan to sell two to three properties, the largest single selling band in the survey.
• 4.8% plan to sell four to ten properties.
• 3.2% plan to sell eleven or more properties.

Broker takeaway. The headline here is refinance demand, not an exodus. The largest group of landlords plans to hold what they own rather than buy or sell, which means their next need is more likely to be a remortgage than a purchase. That makes this a natural point to reach out about accessing equity, extending a portfolio, or securing a better rate before a deal matures.

How much do landlords plan to raise rents?

Most landlords plan modest, inflation-linked rent rises rather than steep increases, which points to a market factoring in what tenants can actually afford. In Landbay’s H2 2025 survey, 45.6% of landlords plan to raise rents in line with inflation, the largest single group.

Across the full range of responses, the H2 2025 survey found:

• 45.6% of landlords plan to raise rents in line with inflation.
• 22.4% plan to raise rents by between inflation and 7%.
• 13.6% plan no rent change at all.
• 12.0% plan to raise rents by 7% to 10%.
• 6.4% plan to raise rents by less than inflation.

Combining the two bands above inflation, Landbay’s H2 2025 survey found 34.4% of landlords plan to raise rents by more than inflation.

Broker takeaway. This measured approach to rent setting suggests landlords are weighing the cost of complying with the Renters’ Rights Act alongside tenant affordability. It is worth raising rental income assumptions early in any affordability conversation, since a landlord planning only an inflation-linked increase may have less headroom to absorb new compliance costs than they expect.

How loyal are landlords to their mortgage adviser?

Adviser loyalty is high but not unconditional. In Landbay’s H2 2025 survey, 75.2% of landlords said they would use the same mortgage adviser again for a buy to let mortgage. A further 14.4% were unsure, and 10.4% said they would not.

Among the small group who said they would not use the same adviser again, more than a third said they plan to product transfer directly with their existing lender instead.

Broker takeaway. This is a retention signal. Regular contact and timely rate reviews are what keep a landlord client engaged with an adviser, rather than defaulting to a direct product transfer when a deal matures. The 24.8% who are unsure or would not return represent live risk to a broker’s back book, and they are worth prioritising ahead of maturity dates.

What this means for brokers overall

Taken together, Landbay’s H2 2025 landlord survey describes a buy to let market in transition rather than in decline. Landlords are cautious about the Budget’s impact on returns, but the largest group is not selling up, most are planning measured rent increases, and three in four are broadly loyal to their advisers. For brokers, the opportunity lies less in new purchase business and more in remortgage conversations, portfolio reviews, and being the professional voice that helps a nervous but engaged client plan around new tax and compliance costs rather than react to headlines.

Download your copy here.

Frequently asked questions

Did the Autumn Budget change how landlords feel about buy to let?
Yes. In Landbay’s H2 2025 landlord survey, 61.6% of landlords said the Budget made them feel more negative about investing in buy to let, while 27.2% said it made no difference and 11.2% felt more positive.

Are landlords selling up because of the Autumn Budget?
Not most of them. Landbay’s H2 2025 survey found 47.2% of landlords have no plans to sell any property in the next 12 months, though 40.8% do plan to sell at least one.

What percentage of landlords plan to buy a property in the next 12 months?
33.6% of landlords plan to buy at least one property, according to Landbay’s H2 2025 landlord survey, while 48.8% do not intend to buy and 17.6% are unsure.

Are large portfolio landlords still buying and selling?
Some are. Landbay’s H2 2025 survey found 1.6% of landlords plan to buy eleven or more properties in the next 12 months, and 3.2% plan to sell eleven or more.

How many landlords plan to sell two to three properties?
19.2% of landlords plan to sell two to three properties in the next 12 months, according to Landbay’s H2 2025 landlord survey, the largest single selling band recorded.

Will landlords raise rents in 2026?
Most plan modest rises. In Landbay’s H2 2025 survey, 45.6% of landlords plan to raise rents in line with inflation, while 13.6% plan no change at all and 6.4% plan a rise below inflation.

What proportion of landlords plan to raise rents above inflation?
34.4% of landlords plan to raise rents above inflation, combining the 22.4% expecting rises of between inflation and 7% and the 12.0% expecting rises of 7% to 10%, according to Landbay’s H2 2025 survey.

Would landlords use the same mortgage adviser again?
Most would. Landbay’s H2 2025 survey found 75.2% of landlords would use the same adviser again for a buy to let mortgage, while 14.4% were unsure and 10.4% would not.

What do landlords do if they would not use their adviser again?
Many go directly to their existing lender. Landbay’s H2 2025 survey found that of the landlords who would not use the same adviser again, more than a third plan to product transfer directly with their existing lender.

Is the buy to let market shrinking, based on this survey?
The survey does not point to a shrinking market. Landbay’s H2 2025 survey found 47.2% of landlords have no plans to sell and 33.6% plan to buy at least one property in the next 12 months, describing a market in transition rather than decline.

How does Landbay run its landlord survey?
We survey our landlord borrower base of around 2,000 UK landlords 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, such as the Autumn Budget.

How many landlords were surveyed for Landbay’s H2 2025 report?
Landbay surveyed around 2,000 UK landlords from its landlord borrower base for the H2 2025 edition, in December 2025 and January 2026.

When was Landbay’s H2 2025 landlord survey conducted?
Landbay’s H2 2025 landlord survey was fielded in December 2025 and January 2026, in the weeks immediately following the UK’s Autumn Budget.