Portfolio landlords are evolving, not disappearing - Key takeaways from Together's latest broker webinar.

The Buy to Let landscape is changing but reports of its demise may be greatly exaggerated.

While rising costs, regulatory reform and increasing compliance requirements have prompted some landlords to reconsider their future in the private rented sector, others are continuing to invest, expand and professionalise their operations. Increasingly, success is going to those who treat property investment as a business rather than a side venture.

In Together's latest webinar, Michelle Walsh, Intermediary Sales Director at Together, was joined by Steven Bletsoe, Head of Regional Business at the NRLA, and Bradley Wolstenholme, Underwriting Relationship Manager at Together, to discuss the challenges and opportunities facing portfolio landlords, as well as the important role brokers can play in helping them navigate a complex market.

Here's what we covered:

• A changing landlord landscape: Why landlord exit figures don't tell the whole story.
• Professionalisation of the sector: Why landlords need to start thinking more like business owners.
• Growth opportunities: How investors are adapting their strategies to succeed./li>
• Portfolio funding insights: What underwriters are really looking for.
• Real customer stories: How specialist funding is helping landlords simplify and strengthen their portfolios.

Looking beyond the landlord exit headlines

The webinar began with a discussion around the future of the private rented sector.

According to research shared by Steven, 55% of NRLA members do not expect to remain landlords by the end of 2027, while 42% expect to reduce the size of their portfolio over the next 12 months.

On the surface, those figures paint a concerning picture. However, Steven Bletsoe encouraged brokers to look beyond the headline statistics.

As he explained during the webinar:

"Landlords leaving the sector is not as worrying as properties leaving the sector because we're in a housing crisis. There are other landlords who are buying."

While some investors are choosing to exit due to rising costs and increasing regulation, many of the properties being sold are being acquired by larger, more experienced landlords looking to expand their portfolios. In other words, ownership may be changing, but the number of homes available to rent is unlikely to fall in line with landlord exit figures alone.

The distinction is important because it points to a wider trend. Rather than disappearing, the sector is becoming concentrated in the hands of professional landlords who view property investment as a long-term business.

The era of the professional landlord

One of the strongest themes throughout the discussion was the growing professionalisation of the sector.

Whether it's the Renters' Rights reforms, landlord registration requirements or future EPC expectations, landlords face far greater compliance demands than they did a decade ago.

According to Steven Bletsoe, the days of informal portfolio management are rapidly disappearing:

"You physically can't exist as somebody who doesn't comply fully now, who isn't able to produce documentation on demand, who doesn't work on the back of a cigarette packet and an Excel spreadsheet, but now has almost a business setup."

He also stressed that landlords need to recognise how policymakers have changed how they view the sector:

"It's a property business. Landlords haven't always in the past looked at what they operate as a business, but they absolutely are. Every level of government looks at landlords as businesses."

As a result, successful landlords are increasingly taking a structured approach to compliance, tax planning, portfolio management, funding and future growth.

For brokers, this shift creates a significant opportunity to move beyond individual transactions and support clients with broader strategic decisions.

Growth opportunities still exist

Despite ongoing regulatory change, the webinar highlighted several reasons for cautious optimism.

Tenant demand remains strong across many parts of the UK, and experienced landlords continue to identify opportunities to grow. However, the approach to investing is changing.

Rather than chasing the latest hotspot, landlords are now focusing on building resilient portfolios that can attract reliable tenants, generate sustainable income and withstand future regulatory changes.

The panel also discussed how more investors are reviewing ownership structures, refinancing arrangements and long-term business plans to ensure their portfolios remain fit for purpose, and how the landlords most likely to succeed over the coming years are those who actively adapt rather than simply react.

Bringing portfolio strategy to life

To demonstrate how strategic funding can support portfolio growth, Michelle Walsh shared a recent customer example.

What underwriters are really looking for

The webinar also offered an insight into how portfolio landlord applications are assessed from an underwriting perspective.

According to Bradley Wolstenholme, lenders look far beyond the individual property being financed.

Factors such as portfolio performance, existing borrowing levels, property concentration, mortgage conduct, vacant units and future plans all help build a picture of the customer's overall position.

Just as important is understanding the reason behind the application.

Whether a landlord is raising capital to acquire additional properties, improve energy efficiency, consolidate borrowing or prepare for future growth, context allows underwriters to understand the bigger picture behind the request.

For brokers, one piece of advice stood out:

"Don't be afraid to provide too much information day one."

By fully explaining the client's circumstances, objectives and any potential complexities upfront, brokers can often help facilitate a smoother underwriting process.

Preparing portfolios for the future

Future energy efficiency requirements were another key discussion point. The panel encouraged landlords to review portfolios now rather than waiting for future deadlines.

As Steven Bletsoe advised: "If you are a high D and you can achieve a C with very, very small changes on your EPC rating, do the work now."

Succession planning is moving up the agenda

One of the most interesting audience questions focused on succession planning.

Many landlords built their portfolios over several decades and are now beginning to think about retirement, inheritance and future ownership arrangements.

For brokers, understanding how long clients plan to remain active in the sector can help shape conversations around funding, ownership structures, portfolio improvements and future investment decisions.

Key takeaway: Brokers have a bigger role to play

The biggest takeaway from the webinar was that the private rented sector is not necessarily shrinking. It’s evolving.

While some landlords are choosing to exit, others are actively investing, restructuring and growing. The common characteristic among those continuing to thrive is a willingness to approach property investment as a professional business.

For brokers, that creates a significant opportunity.

By understanding a client's wider objectives, whether that's growth, consolidation, succession planning or portfolio improvement, advisers can move beyond arranging individual transactions and become trusted strategic partners.

If you’d like to watch the webinar in full, head over to Together’s YouTube channel where you'll also find videos covering a range of property topics and finance products.

Got a portfolio landlord case to discuss?

Whether your client is looking to release equity, simplify their borrowing, improve existing properties or expand their portfolio, our team is here to help. Get in touch to find out how Together could support your next case.