Around 66% of buy-to-let landlords do not intend to sell any of their property in the next 12 months, according to a survey.
Landbay research shows that within that figure around 36% intend to buy property and the other 34% are considering selling but only one tenth will sell all of their property.
The main reason cited within this segment for selling is property investment no longer being financially viable.
Around 90% of landlords looking to sell say they only want to sell some of their properties with 15% of those intending to buy, as they are restructuring their properties.
There is regional variation, with approximately half of London landlords saying they want to sell some property, with 29% of landlords in South of England saying the same. This falls to 25% in the North and 22% in the Midlands.
Around 65% of landlords point to rising interest rates as a factor in selling, an increase from 45% a year ago.
Nearly 30% said rent is not covering mortgage costs, up from 22% in the same period last year.
Landlord taxation is also a reason to dispose of property for 40% of respondents and 25% pointed to the lowering of Capital Gains Tax.
Landlords trimming portfolios but not getting out
Rob Stanton, business development director at Landbay, said: “Our survey found that one in three landlords are thinking of selling some of their property but not all of it. They intend to stay in the market but are trimming their portfolios and some are reorganising as they both buy and sell property. Higher costs are typically why landlords want to sell, not just interest rates but taxation is also an issue for some.
“On the positive side, two thirds of landlords have no intention of selling and 36% of those are looking to buy property. The market is changing and landlords who see opportunities are taking them while others are rethinking their strategy.”
