"Landlords, for the most part, appear to be very confident about their own property businesses, and the future of their investments, even when their views on the future performance of the wider economy remain far more sceptical"
- Rob Stanton - Landbay
Buy-to-let landlords are making increasingly clear and considered decisions about their portfolios, even as confidence in the broader UK economy remains deeply subdued, according to Landbay's latest landlord survey.
The buy-to-let lender published the findings on 21 May 2026, following a previous survey conducted in December and January. The results point to a growing divergence between how landlords view their own businesses and how they view the wider economic picture.
While 41.4% describe their current sentiment toward their portfolio as neutral, 21.8% are positive and 36.8% negative. The economic outlook draws a starkly different response, with 69.2% expressing a negative view, 27.1% neutral and just 3.8% positive.
Landbay said the gap reflects a market in which landlords are concentrating on what they can directly influence, primarily portfolio performance and financing, rather than the macroeconomic backdrop.
Landlords making clearer portfolio decisions
Portfolio activity is balanced rather than subdued. Just over half of respondents (51.9%) do not plan to purchase additional properties in the next 12 months, but over a third (35.3%) are planning to expand. Selling intentions remain broadly consistent with the previous survey, suggesting ongoing portfolio reshaping rather than any widespread exit from the sector.
Strong yields and steady rent growth
Many landlords continue to report solid returns. Some 27.1% are achieving gross yields of between 4% and 6%, while 21.8% are reporting yields in the 6% to 8% range. A further 15.8% are achieving 10% or above.
Rents are continuing to move upward, with over 75% of landlords planning increases of some kind over the next 12 months. The approach to rent-setting is becoming more flexible, however. Landbay attributed this in part to the introduction of the Renters' Rights Act, with landlords balancing rising costs against new legal responsibilities and tenant affordability.
Fixed rates remain the clear preference
Borrowing preferences remain firmly weighted toward fixed-rate products, with 87.2% of landlords indicating they would choose a two, three or five-year fix for their next mortgage. Five-year fixes remain the most popular option at 46.6%. Despite growing market discussion around tracker products, just 6% of landlords said they were likely to take one, reflecting continued demand for certainty in borrowing costs.
Refinancing is also a key theme. Despite recent rate movements driven by inflation and money market activity, Landbay noted that many landlords coming off existing deals could still secure lower rates than two to three years ago. The volume of deals maturing this year represents a significant opportunity for brokers to engage with clients and review existing borrowing arrangements.
Broker usage remains high, with 83% of landlords saying they used one from the outset on their last buy-to-let mortgage, while a further 10% started the process independently before turning to a professional to complete the transaction.
"The key difference compared to the results of our previous survey is that sentiment and confidence appear to have stabilised, even during a somewhat turbulent few months, particularly when it comes to product availability and rates," said Rob Stanton, sales and distribution director at Landbay.
"Landlords, for the most part, appear to be very confident about their own property businesses, and the future of their investments, even when their views on the future performance of the wider economy remain far more sceptical.
"What we are therefore seeing is a landlord community which is predominantly focused on what they can control. They are making clearer decisions on whether to buy, sell or hold, and are continuing to adapt their strategies to ensure their portfolios remain profitable. It is also clear many landlords continue to achieve strong yields, which underpins their ability to remain active in the market, even in a more challenging environment.
"When it comes to borrowing, the preference for fixed rates remains very strong. Even with more discussion around tracker products, landlords are still prioritising certainty, particularly those looking to plan over the longer term.
"At the same time, a large number of landlords are still on higher-rate mortgages arranged when pricing was less favourable. Even with recent changes, the current environment still presents a clear opportunity for brokers to communicate with those clients and potentially secure improved outcomes.
"Our full range of products, but particularly Premier given its recent expansion, are designed to give brokers a strong set of options when supporting landlord clients, helping them review existing borrowing and potentially improve cash flow.
"These survey results show how engaged and resilient the landlord community is, how aware of the market changes they are, and how they are actively seeking to work with brokers in order to secure the best financial options for their property portfolios. To say this sector continues to present an opportunity for all stakeholders, would be quite the understatement."
