Confidence in the buy-to-let market is still strong, despite changes in stamp duty and the Brexit referendum, according to research from the Bank of Ireland.
It reports that 54% of landlords feel that the Brexit vote will make no difference to their decisions whether to buy more properties, while 19% believe that leaving the EU will benefit their property business.
The research found that almost half (46%) of landlords who have two or more properties expect to increase the size of their portfolio in the next couple of years. Economic uncertainty hasn’t put wannabe landlords off either as the survey reported that 52% of homeowners would like to buy a rental property if they could afford it.
The rental market is still buoyant and this is reflected in this research, with more than half (55%) of landlords admitting that they are likely to increase rents and more than a third (38%) saying they are likely to switch mortgages to reduce the impact of tax relief changes on mortgage interest payments.
Managing Director of Jeffrey Ross Estate Agents, Ross Hooper-Nash, said: “These statistics reflect what we are seeing in the market at the moment. There were fears after the Brexit vote and changes to stamp duty and tax relief that the buy-to-let market would suffer, but that’s not the case.
“Demand for rental property is still high and people to can afford to purchase buy-to-let properties are still doing so. I can’t see this changing any time soon in Cardiff as there is such a high demand for rental properties.”