Seven out of 10 buy-to-let (BTL) landlords do not intend to sell any of their properties in the next 12 months, a Landbay survey reveals.

The survey, which had 700 landlord respondents, found that the strongest sentiment came from those with smaller portfolios of between one and three (78%) and four and 10 properties (76%).

However, 69% of landlords with more than 20 properties shared the same view as did 59% of those with 11 to 20 properties.

Many respondents pointed to a potential downturn in house prices and strong rental yields as their main reason not to sell.

Meanwhile, others said they were waiting to see what happens to mortgage rates in the coming months before making any decisions.

Among those landlords planning to sell properties, 20% said they intend to sell up to a quarter of their portfolio.

Just 2% plan to see all their properties, while 8% intend to cut between 25 and 50% of their housing stock.

The survey found that the deciding factor for 45% of landlords intending to sell is rising interest rates, while 22% said rent doesn’t cover their mortgage costs.

Respondents also listed house prices (16%) and the changing thresholds of capital gains tax announced in the Autumn Statement (14%).

Landbay managing director Paul Brett says: “Against a backdrop of rising mortgage rates, increasing costs and tougher stress tests, landlords have continued to show real resilience. This is once again highlighted by our data and shows that despite the challenges, the majority of landlords are still not looking to trim their portfolios”

“Since the start of the year, we’ve introduced a number of rate reductions and introduced a variable fee structure to provide BTL landlords with a range of competitive options. While some may be adopting a ‘suck it and see’ approach in the current climate, there’s plenty of reasons to be positive as the year progresses.”