The National Landlords Association (NLA) has highlighted a huge increase in the amount of part time landlords in the UK.
The NLA stated that part time landlords now make up a staggering 70% of the sector, as more people look for suitable ways to boost money they receive from their day job. It stated that a fifth of these landlords are so encouraged by the current UK rental market that they plan to expand their property portfolio this year.
According to NLA a typical part time landlord owns an average of four properties that can give a yearly income of £31,000. Although it is worth bearing in mind that a quarter of this income is spent on property related repairs.
They are financing their property portfolio, more than four in ten by accessing buy to let finance, with 40% of landlords stating that they have found it easier to get buy to let mortgages.
The NLA has published new buy to let guidance on their website, for would be landlords or those planning to expand their property portfolio.
Carolyn Uphill, chairman of the NLA stated: ‘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,’
‘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.
If you are looking to invest in the buy to let market and would like some advice then why not pop into your local branch of Intercounty for a chat and a coffee or call our team on 0844 111090.
Source: Property Wire