A new survey, commissioned by The Mortgage Lender, has revealed that around 30% of landlords are determined to add properties to their portfolios despite the ongoing pandemic.
According to the research, the number of landlords looking to increase the number of properties they own over the next 12 months has jumped to 19% compared to 12% who were looking to add buy to let properties in April last year - a rise of 71%.
Despite 35% of landlords viewing the pandemic as problematic, it has made little if any difference to the investment plans of half of investors. 25% said it had changed their plans somewhat and 25% said it had changed their plans completely.
Overall, the number of landlords seeking to reduce the number of properties they own has gone down from 16% in April last year to 14% now and those looking to maintain has also gone down from 72% to 67%, with the resulting 7% difference accounting for the uptick in landlords who want to expand their portfolios.
Steve Griffiths, sales director at The Mortgage Lender, had this to say:
“We’ve seen the evidence in our own application figures that many landlords see Covid-19 as a blip rather than a reason to change their long-term plans and our research bears this out.
“And it’s important for those landlords and their brokers that there is a competitive specialist market for their business that comes with strong financial backing.
“With a strong funding line, we have been able to operate in the buy to let market throughout the pandemic and help those landlords who want to capitalise on what they see as an opportunity.”