Landlords upbeat about 2024 prospects despite huge challenges

Some 74 per cent of buy to let landlords are optimistic about the property market in the next 12 months, it’s been claimed.

And this is despite tax, red tape and legal challenges galore being thrown at the private rental sector.

A study by The Mortgage Lender reveals of the optimistic landlords some 27 per cent are actually expressing very high confidence.

Confidence peaks among landlords owning HMOs at 86 per cent, student accommodation at 84 per cent, and those with more than five properties at 82 per cent.

Some 71 per cent of landlords feel positive in regard to their own property in 2024, especially portfolio landlords with five or more properties who are most confident at 78 per cent. Longstanding landlords with over five years of experience show more confidence - 73 per cent - than their less experienced peers on 69 per cent.

Some 73 per cent of landlords observing an increase over the past six months, and 27 per cent noting a significant rise. Again, 73 per cent of landlords boosted rents in the last year by an average 34 per cent.

Chris Kirby, head of key accounts & specialist distribution at The Mortgage Lender, says: “Given the pivotal role that the BTL industry plays in supporting the residential market and ensuring the maintenance of the much-needed supply of homes, it’s encouraging to see these levels of confidence.

“Despite the fact that many landlords are facing higher operating costs, and additional to the inflationary pressures that are impacting everyone, the continued supply of good quality, well maintained rental properties is a must.”

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