Many landlords leave properties vacant over winter, believing “nobody moves in January” or “the market’s better in spring.” Meanwhile, serious tenants with stable jobs and immediate availability are securing properties from proactive landlords, while others sit empty, losing months of rental income.

You're waiting for interest rates to return to 2020 levels before buying more properties or remortgaging existing ones, assuming current rates are temporary aberrations that will revert to historic lows soon. Meanwhile, landlords who accepted that rates have normalized at higher levels are structuring portfolios accordingly, achieving strong returns at current rates, and positioning themselves advantageously whilst competitors sit out waiting for conditions that aren't coming back.