What landlord sentiment tells us about buy-to-let market outlook 

Landlords have had no shortage of reasons to feel cautious over the past 12 to 18 months. Political change, tax pressure, regulatory reform, shifting mortgage pricing and wider geopolitical uncertainty have all contributed to a more fragile economic outlook. 

But our latest landlord survey suggests something more nuanced is happening. While many landlords feel negative about the wider UK economy, they remain far more confident in their own ability to make buy-to-let work. 

That distinction matters. It highlights how landlord behaviour is evolving, and where advisers can continue to add real value. 

Our survey found 69.2% of landlords feel negative about the UK economic outlook. Yet when asked about their own portfolios, sentiment is more balanced. Just over 21% feel positive, 41.4% are neutral, and 36.8% negative. 

In other words, landlords are starting to separate macro concerns from their day-to-day investment decisions. 

A more strategic, professional market 

These findings reflect the ongoing professionalisation of the buy-to-let sector. Today’s landlords are operating in a more complex environment than even a few years ago. Tax changes, regulation and tighter margins have pushed many towards a more structured, strategic approach. 

That’s reflected in their plans. Over half of landlords say they do not intend to buy in the next 12 months, but more than a third are still looking to expand. Selling activity is similarly balanced, suggesting landlords are reshaping portfolios rather than exiting altogether. 

Returns also remain a key driver. Many landlords are still achieving solid yields, with a significant proportion reporting returns above 4%, and large numbers closer to 6–8% or higher. That helps explain why confidence in buy-to-let remains more resilient than wider economic sentiment. 

Why certainty still matters 

The broader concerns flagged in the survey are unsurprising. Inflation, interest rates and ongoing political uncertainty are all shaping expectations. 

Looking ahead, potential political developments could create further instability in markets, particularly if they impact confidence in economic policy or fiscal direction. That matters for brokers because it influences how landlords approach borrowing decisions. 

The survey shows a clear preference for certainty. Fixed rates remain the dominant choice, with two, three and five-year options far outweighing trackers. Despite increased discussion around tracker products, only 6% of landlords said they would consider one for their next mortgage. 

For most, predictable borrowing costs remain a priority in an uncertain environment. 

Where advisers add the most value 

One of the clearest themes from the survey is that landlords are focusing on what they can control. While they cannot influence political or economic change, they can control how their portfolios are structured and financed. 

That’s where advisers play a critical role. 

More than 82% of landlords used a broker from the outset when arranging their most recent mortgage. A further 10% initially tried to arrange finance themselves before turning to an adviser to complete the process. 

That shift reflects increasing market complexity. When pricing moves quickly, products are withdrawn and lender appetite changes, the value of advice becomes much clearer. 

Operational challenges also remain. While around 40% of landlords reported no issues with their latest application, many experienced delays, product withdrawals or the need to move quickly to secure rates. These are exactly the situations where adviser support makes a difference. 

It’s also a reminder that landlords are looking beyond headline rate. Product availability, consistency of service and clear communication all play a growing role in lender choice. 

A pragmatic outlook for the year ahead 

Ultimately, the survey shows that landlords remain pragmatic. They may feel cautious about the wider economy, but confidence in buy-to-let as an asset class remains intact. 

For advisers, that presents a clear opportunity. Staying close to clients, focusing on long-term portfolio strategy and helping landlords navigate uncertainty will be key. 

While the backdrop may remain unsettled, demand for informed, practical advice is only increasing. 
 

If you have any questions or want to talk about your next case, please contact your local BDM.