Major cities see big drop in buy-to-let investment searches
Buy-to-let investment interest is falling across the UK in nearly every major city, with some areas seeing drops of nearly 60% and London witnessing a 41.7% collapse in demand, according to a new study by emoov.
Analysing searches for ‘buy to let landlords’ it found that Carlisle saw the biggest drop, down by 59.10% in the year to May 2026 compared to the same period last year. London witnessed a 41.7% fall and Birmingham a 33.3% decline in search demand.
Poole (down 5.3%) and Southampton (down 5.7%) were among locations that saw relatively stable demand compared to the previous year, while Plymouth saw demand drop by only 2.9%.
Cambridge was the only place analysed to see a rise in buy-to-let landlord searches, up by 23.5% year-on-year.
Nick Neal, director of emoov, believes that small landlords in particular are being discouraged from entering the market. “For many years, private landlords were encouraged to see buy-to-let as a sensible long-term investment. It offered rental income, potential capital growth, and a form of pension planning for ordinary people who were prepared to take on the responsibility of providing housing.
Harder to justify
“I am not considering selling because I believe tenants should have fewer rights, or because I think landlords should be free from regulation. Good tenants deserve safe, secure, well-managed homes. Bad landlords should be dealt with. But the current direction of travel has made small-scale private letting increasingly difficult to justify, especially for landlords who own one or two properties and manage them alongside other work or retirement plans.”
He said the buy-to-let market is evolving rather than disappearing. “Landlords are having to be more strategic than ever before, whether they’re expanding their portfolio, holding onto existing properties or considering a sale. The most important thing is to make decisions based on the long-term picture rather than reacting to short-term challenges.”