The hike in stamp duty rates has failed to dampened landlords’ appetite to buy more properties, a new survey has revealed.

The findings by Landbay suggested that 27% of landlords are still looking to expand their investment into bricks and mortar.

It follows a hike in the stamp duty surcharge on purchases of additional residential properties from 3% to 5%.

The survey found that among those willing to buy, there was an equal split between landlords with four to ten properties and those with portfolios of 11-20, of 31% each.

The overwhelming majority - at 77% - own their properties and portfolios through a limited company structure.

The main reason given for pushing ahead with purchases was a desire to build a property portfolio, at 56%.

Almost two-in-ten landlords said it was due to an increase in tenant demand, while 13% based their intentions on a potential increase in house prices.

However, nearly a quarter said they did not know their purchase plans yet, while half of landlords stated that they did not intend to buy.

Landlords with rental properties in the capital were most likely to be weighing up buying additional properties in the next 12 months, at 34%, followed by those in the North West at 20%.

Rob Stanton, of Landbay, said: “Even with the changes announced to stamp duty, there is still clearly an appetite among landlords to grow and purchase additional properties.

“While there are undoubtedly those focusing on what they have right now, we have certainly seen landlords remaining active in the market and capitalising on the investment opportunities that remain.

“While house prices on average have remained robust, we know this isn’t the picture in all areas of the country.

Given the complex residential market we find ourselves in, landlords are working to identify opportunities and are pushing ahead - factoring in the increase in stamp duty into their negotiations.”