Almost 80 percent of landlords fear further tax rises in today’s Budget, according to a survey of 2,000 landlords commissioned by lender Landbay, with more than one in five already delaying purchases until the Chancellor has spoken.
Mortgage interest rates and finance costs topped the list of business worries at 29 percent, just ahead of further tax changes at 26 percent. Together the two concerns point to the twin squeeze on landlord margins as Rachel Reeves delivers her Budget statement today.
A freeze on decisions is the immediate price of that uncertainty. The survey found 22 percent of landlords have held off buying additional properties, 16 percent have paused remortgaging or refinancing, and 14 percent have delayed works to existing homes in the run-up to the announcement.
Landlord tax fears delay deals
The Budget wait has rippled across portfolio planning. Around 12 percent of respondents said they were postponing decisions about selling properties, while 11 percent were waiting before changing how their portfolios are owned, for example through incorporation. Yet more than half, 52 percent, said they had delayed nothing, suggesting a split between landlords who plan around fiscal events and those who press on regardless.
This follows Landlord Knowledge’s report on the NRLA’s Budget-eve call for a tax overhaul, which warned that the gap between housing benefit and market rents has hit a record. Landbay’s numbers show that anxiety is shared well beyond the benefit end of the market, reaching mortgaged landlords across the market.
Confidence edges up despite Budget nerves
Despite the tax gloom, landlords report a slightly brighter view of their own businesses. More than a quarter, 28 percent, expressed a positive outlook for the next 12 months, up from 22 percent in the previous survey, while a further 33 percent described themselves as neutral. Over a third, 34 percent, still intend to buy more rental property in the coming year. Full details of the poll are published by Landbay.
That buying intent sits uneasily with a market where transaction taxes keep climbing. Stamp duty changes have already drained £541 million from the market since the 2024 Budget, according to Knight Frank, a reminder that Budget-day rhetoric on supply can collide with Budget-day tax maths.
What this means for landlords
- If you are planning a purchase: hold exchange timing under review until today’s announcements are clear, since stamp duty or capital gains changes could alter the sums overnight.
- If your fixed rate is ending: line up remortgage options now rather than waiting for post-Budget repricing, as lenders often move quickly after fiscal events.
- Review planned works: delayed improvements can become compliance risks, so separate nice-to-have upgrades from safety and standards jobs that cannot wait.
- Watch for: any change to mortgage interest relief, additional-property stamp duty or capital gains tax, plus Local Housing Allowance uprating for benefit-let stock.
- Bottom line: fear is widespread but buying intent holds up, so landlords who prepare for several tax outcomes can move first once the detail lands.
Editor’s view
Four in five landlords braced for bad news tells its own story about trust between the sector and the Treasury. If the Budget offers no path to lighter cumulative tax, today’s delayed deals will turn into tomorrow’s lost supply.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 28 October 2026
Sources: Landbay
Related reading: NRLA urges Budget tax overhaul as LHA gap hits record
