The National Landlords Association, (NLA) says that part time landlords now make up more than 70% of the sector.
A fifth of these landlords are so encouraged by the current rental market that they intend to add to their property portfolio this year.
A typical part time landlord has on average four properties and generates an annual gross rental income of £31,000. However, a quarter of this income is spent on property or portfolio related maintenance costs.
More than four in 10 of these landlords have used buy to let finance to fund their lettings portfolio, and almost 40% of all landlords agree that it’s getting easier to access buy to let mortgages.
However, four in five landlords agree that the market would benefit from more buy to let lenders and greater competition.
The NLA has launched new guidance to support the growing number of part time or amateur landlords who are considering a new investment or planning to expand their portfolio.
‘Private landlords put an estimated £20 billion into providing homes the UK and we know that more and more people are looking to buy to let as an alternative means of saving for the future,’ said Carolyn Uphill, chairman of the NLA.
‘Being a landlord can be very rewarding but it’s vital that anyone considering a move in to buy to let, or indeed looking to expand their portfolio, is thoroughly researched and aware of what it involves. A part time landlord typically has a day job so it can be a very challenging task to keep on top of managing and maintaining homes for people whilst juggling the demands of daily life,’ she explained.
‘As the leading landlord association we have a duty to ensure that new and prospective investors identify as landlords and know they can rely on us as a source of valuable information and advice. Our new guidance does just that and will provide everything you need to consider when looking for a new investment or expanding your portfolio, as well as tips on how to run your lettings business effectively and profitably,’ she added.
