The Intermediary – August 2026 - Flipbook - Page 30
BUY-TO-LET
Opinion
TIME T
BEATING
hree months is an
interesting point in
the life of any piece of
legislation. It is long
enough for the initial
noise to die down,
but probably still too early to decide
whether it has become an outright
success or failure. That is certainly
true of the Renters’ Rights Act.
Enough time has passed to reassess
some of the assumptions we have
been making. Over the past year or
so, we have spent an awful lot of time
debating how the legislation might
affect the private rented sector. There
were predictions that landlords
would leave the market in droves,
concerns about shrinking supply and
no shortage of opinion on where the
sector was heading.
Looking at where we are today, three
months on feels like the right time to
take stock.
A more interesting question is not
whether the legislation was the right
response to the issues. It is, now that
we are here, how do we make it work?
Perhaps now is also the time to stop
beating the landlord exodus drum.
T
Beyond the headlines
We cannot say that nothing has
changed, as landlords are adapting to
a different regulatory landscape and
there is still more reform to come.
Rather, the market appears to be
seling into something more nuanced
than many expected. The discussions
among those immersed in the market
certainly reflect that.
Some of the recent market data adds
colour to those discussions. Hamptons’
latest Market Insight reported that
landlords accounted for 13.3% of all
home purchases between January and
April 2026, the highest proportion
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The Intermediary | August 2026
since 2016. More tellingly, 23% of the
homes purchased by landlords had
previously been rental properties,
compared with 16% in 2025 and a fiveyear average of just 9.9% between 2019
and 2023.
In the North of England, landlords
represented 23.9% of all purchasers,
up from 14.5% during the same period
a year earlier, reflecting continued
investor demand in areas offering
stronger yields.
This stands as one of the clearest
indications yet that investment
properties are changing hands
between landlords, rather than
disappearing from the private rented
sector altogether.
It also reflects the view of Rachel
Geddes, strategic lender relationship
director at Mortgage Advice Bureau
(MAB), shared during a recent
conversation about the market.
As Rachel put it: “Most of those
selling up are accidental landlords,
or those with one or two investment
properties who found more than
they’d bargained for.” At the same
time, she notes that “around 30% of
that group have already come back
into the market, with properties
changing hands between landlords.”
This provides further evidence that
the market is not in wholesale retreat.
Instead, it points towards something
rather more measured, where
experienced investors continue to see
opportunity even as others conclude
that property investment no longer
fits their individual circumstances.
That certainly does not mean
every landlord has chosen to remain
invested. Far from it. Some have
undoubtedly decided that the sector
no longer suits their objectives, and in
truth, that was probably always going
to happen.
MARTIN SIMS
is distribution director at Molo
Property has never been the right
investment for everyone, and periods
of significant regulatory change
have a habit of prompting people
to reassess what they really want
from it. Property is also being cashed
in to support wider investment
opportunities, while still being
