In a property landscape shaped by uncertainty and regional disparity, landlords in southern England appear to be weathering the storm with notably more optimism than their counterparts elsewhere—this, according to a recent survey conducted by Landbay.

The figures paint a revealing portrait. Nearly one in four landlords in the South—precisely 23%—expressed a positive outlook for the future. Contrast that with the Midlands, where only 17% shared such confidence, and the North, where the percentage dipped even lower to 13%. Yet, it isn’t just optimism that’s regionally skewed—pessimism follows a similar pattern but with a twist. In the North, a staggering 44% of landlords reported feeling negative about their prospects. The Midlands came in close behind at 42%, while in the supposedly more upbeat South, negativity still affected 39%.

Rob Stanton, Landbay’s sales and distribution director, acknowledged the heavy burden landlords bear outside the South: “Given the current economic climate and the state of play when it comes to taxation and future regulation, landlords in the north and Midlands can be forgiven for not feeling more upbeat about their prospects.”

Ownership structure and scale also played defining roles in shaping sentiment. Those operating via limited companies showed a noticeably higher degree of resilience. Only 35% of corporate landlords felt negatively about the future—significantly better than the 56% of individual landlords who felt the same way.

And when it came to portfolio size, confidence followed a curious curve. Landlords with four to ten properties emerged as the most self-assured group, with 31% expressing positivity. However, those at the top end—managing over 20 properties—seemed paradoxically more discouraged, with 55% stating a negative outlook.

One landlord from the South East, who runs operations largely through limited companies, offered this striking observation: “Unless the government unleashes a 1960s-type building boom and build a massive number of council houses, the pressure of limited available rental stock versus the demand from young tenants will ensure rents are buoyant and provide a good business for buy-to-let landlords.”

In contrast, a landlord based in the West Midlands struck a more cautionary note: “The future is going to be tough. While there is a demand, there are headwinds and challenges facing landlords.”

Broadly speaking, a significant share of landlords—around 40%—chose to identify as neutral about the future. Nationally, only 18% of all landlords polled felt positive, whereas 42% fell on the negative end of the spectrum. Interestingly, a minuscule 0.75% said they were planning to sell their entire portfolios—suggesting that while anxiety is palpable, wholesale exits from the market are rare.

Among those who described themselves as neutral, 25% were contemplating selling off parts of their holdings, but none were considering a complete withdrawal. Meanwhile, expansion appears to be on pause for many: nearly half—47%—have no intention of growing their portfolios in the current climate.

Stanton offered further perspective on the shifting terrain: “Landlords have seen some huge changes in the BTL market – increases in stamp duty and the Renters’ Rights Bill being two very significant ones – and may have been unsettled by escalating geopolitical tensions recently, too. That’s all hit sentiment.

“While there are certainly some headwinds to contend with, it is reassuring to know so few of them are choosing to cut and run entirely.

“There are forty landlords looking to expand their properties for every one landlord planning to chuck in their portfolios entirely.”

Despite the clouds, Stanton remained measuredly optimistic: “Property remains a reliable investment vehicle. Not only does demand continue to outstrip supply, rental yields are strong.

“Add in a broad range of products that can support landlords in a wide variety of situations, and I’d argue that, even with headwinds, there is reason to be optimistic about building, maintaining and expanding a rental portfolio.”