The Intermediary – January 2026 - Flipbook - Page 36
T H E I N T E RV I E W
OSB Group
not as a response to short-term disruption,
but as a reflection of deeper structural shifts
already reshaping the buy-to-let market.
As of late, the market has been defined
by two parallel stories, that of increasing
professionalisation and increasing regulation.
In light of this, Moloney notes the continuing
shift toward limited companies and
professional landlords, alongside increased
competition in that area as lenders chase
perceived growth.
“There’s a clear drive to limited companies,”
he says. “You’ve seen more competition in that
space. Some high street brands have come into
that market in 2025 because that’s a major
growth area. A lot of people have got bigger
portfolios that are in it as a business, and we
support them really well.”
Despite this growth, regulation sits in
the background as a constant source of
uncertainty. Now, with the much-discussed
Renters’ Rights Act just recently passed
through law, and set to be implemented early
next year, Moloney is quick to highlight the
potential for landlord uncertainty.
He adds: “The Renters’ Rights Act has just
come through, and we are getting some clarity
around that. No doubt you might see some
people exit the market as a result of that, and
then you wait and see what the rules would
be.”
However, he argues larger landlords may
see that potential mass-exodus as further
opportunity: “But for those bigger landlords,
they see it as an opportunity to increase their
portfolio potentially and market share as
people exit the market.”
At the same time, Moloney stresses that
despite this uncertain outlook, yields remain
attractive in many areas of the market.
He says: “You’re still seeing strong yields
and strong returns. You do see, and we see
it ourselves, people doing much more in the
multiple occupancy space or higher yielding
properties.
“And actually, through our InterBay brand,
we’ve seen a number of landlords look to
expand into things like commercial and semicommercial as well. So, I think when you look
at the investor market as a whole, which isn’t
just buy-to-let, there’s still big opportunities.
We wouldn’t have spent a lot of time building
Rely up if we didn’t believe there were further
opportunities down the line.”
Supporting landlords
However, Moloney is careful not to frame buyto-let as exclusively a ‘big landlord’ market.
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The Intermediary | January 2026
While the move towards professionalisation
is real, he argues that new landlords continue
to bravely step onto the playing field, and
therefore, are in need of increased support.
He notes: “We all talk about
professionalisation, but there are still new
landlords coming to market. One of the good
things about Rely is that we can support people
who want to enter the buy-to-let property
market, want to build portfolios, want to start
that off.”
In terms of the future of the buy-to-let
market, he is quick to point to positive industry
data that flies in the face of ongoing landlord
pressure – supporting the view that buy-to-let
is certainly not a market that is shrinking into
irrelevance.
Moloney says: “If you look at the gross
lending figures for buy-to-let this year, it looks
like we’ll probably be up on last year. That’s
certainly a positive.”
Indeed, even if refinancing is a major
component of this figure, he notes that the
purchase market still remains strong.
He adds: “If you look at the latest forecast
that’s come out from UK Finance for next year,
they’re saying the market should be similar or
slightly above it.”
However, the clearest demand indicator
remains the widespread reliance on rental
stock.
Moloney notes: “One in five people in the UK
still live in rented accommodation. That tells
you there’s going to be demand, right?
“Landlords are smart. They look at the return
on their investment. Definitely if you’ve got the
experience, you can get the asset, particularly
HMO or MUFBs which are really popular – they
can maximise those returns.”
Indeed, he remains bullish on opportunity
in the private rented sector (PRS), even as
competition intensifies: “I think there’s still
good opportunities […] competition will be
hard.”
He adds: “That’s good news for the landlord
because, of course, the more people you’ve got
out there fighting for business, that means that
rates could potentially be quite competitive.”
Intermediary opportunity
Looking ahead to the wider market in 2026,
Moloney expects the mortgage sector to be
shaped by a convergence of factors rather than
a single dominant force, with regulatory followthrough and heightened lender competition all
playing defining roles. After what he describes
as a challenging and operationally intense 2025,
it is clear there is a palpable sense across the
