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There has been a clear change in landlord behaviour, with buy-to-let purchase activity slowing while remortgaging gathers pace, according to new data from Twenty7tec.
After several years of strong activity many landlords now appear to be concentrating on protecting existing portfolios rather than expanding them, with buy-to-let purchase searches falling 13.67% year-on-year in October, while remortgage searches rose 6.05%.
According to Twenty7tec, buy-to-let purchases currently make up 33.1% of all landlord searches, meaning around two-thirds now relate to remortgaging.
“We’re seeing a clear behavioural shift as landlords respond to higher borrowing costs and tighter yields,” said Nakita Moss, Head of Lender Relationships at Twenty7tec. “More landlords are focused on refinancing rather than expanding, taking advantage of stabilising rates to secure long-term certainty. The era of portfolio growth has paused – for now it’s about resilience and risk management.”
Across the wider mortgage market, the number of available products hit a record 28,835 at the end of October – the highest level ever recorded – suggesting continued confidence among lenders even as purchase demand cools ahead of the Autumn Budget.
First-time buyer searches, meanwhile, dropped to their lowest point of the year at 297,387, reflecting more cautious sentiment as borrowers await economic clarity.
Nathan Reilly, commercial director, commented: “The figures suggest a market in transition: steady, active, and cautious. Landlords appear to be locking in rates while they can, signalling confidence in the long-term rental market but restraint when it comes to expansion.”
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