Recent data reveals a significant rise in landlords purchasing properties from other landlords, reaching levels not seen since 2016. This trend highlights a shift within the buy-to-let market, driven more by existing investors exchanging properties than by new entrants.

Landlords increasingly buying from landlords

Between January and April this year, transactions where landlords bought previously let homes from other landlords accounted for 13.3% of all home purchases across Great Britain. This represents a 9.9% increase compared to the same period last year and marks the highest share since the introduction of the second home stamp duty surcharge in early 2016.

According to Hamptons, this rise is less about a surge in new buy-to-let investors and more about larger landlords acquiring properties from smaller landlords who are exiting the market.

Not a buy-to-let boom, but a market reshuffle

Aneisha Beveridge, Hamptons’ head of research, explains the dynamics behind this trend: “With the Renters’ Rights Act becoming law against a backdrop of rising mortgage rates, some landlords have taken the opportunity to leave the market.”

She adds, “Increasingly, though, they’re passing on their properties to other investors. This means the recent spike in landlord purchases reflects homes changing hands between investors, rather than the dawn of a new buy to let boom.”

Beveridge further notes that the transfer of properties between landlords is most prevalent in regions where buy-to-let economics remain favourable. “Higher yields across much of the North of England are more likely to offset rising mortgage and tax costs,” she says. Conversely, in the South, homes sold by landlords are more often purchased by first-time buyers or owner-occupiers trading up.

Record share of previously let homes bought by landlords

Hamptons reports that 23% of homes bought by landlords so far this year had been let by the seller, a record high. This compares with 16% in 2025 and a five-year average of 9.9% between 2019 and 2023. The data reflects how higher mortgage rates and new legislation such as the Renters’ Rights Act are reshaping decisions within the private rented sector.

While some landlords are exiting, others are expanding their portfolios, contributing to this dynamic market activity.

Regional variations in landlord buying activity

The sharpest increase in landlord purchases has been observed in Northern England. In the North East, North West, and Yorkshire and Humber regions, landlords accounted for 23.9% of buyers between January and April, up from 14.5% during the same period in 2025.

Specifically, the North West saw landlords make up 25.3% of purchases, more than doubling the 12.4% recorded last year. The North East remained steady at 23.8%, slightly below 24.6% in 2025, while Yorkshire and Humber experienced a small decline from 12.5% to 11.9%.

In contrast, southern regions showed more modest changes. Landlords comprised 9.1% of purchases across London, the South East, South West, and East of England, only slightly above the 8.8% recorded in 2025. London itself rose from 8.7% to 10.1%, while the South East fell from 9.7% to 8.7%. The South West increased from 6.9% to 8.1%, and the East of England from 7.6% to 9.3%.

Other regions showed minimal shifts: the East Midlands moved from 13.2% to 13.3%, the West Midlands from 14.2% to 14.5%, Scotland from 5.1% to 6.4%, and Wales from 5.8% to 6.6%.

What this means for landlords

The data suggests a maturing buy-to-let market where ownership is consolidating among established investors rather than expanding through new entrants. Landlords considering their position should be aware that rising mortgage rates and legislative changes like the Renters’ Rights Act are influencing market behaviour, prompting some to exit and others to grow.

For landlords operating in northern England, higher rental yields may continue to make buy-to-let investments viable despite increased costs. Conversely, landlords in southern regions might face more competition from owner-occupiers and first-time buyers acquiring former rental properties.

Understanding these regional dynamics and the ongoing market reshuffle can help landlords make informed decisions about portfolio management and investment strategies.

Source: Based on reporting from Property118

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