Research from the National Landlords’ Association shows that 24 per cent of UK landlords – approximately 360,000 – came into the market accidentally or unintentionally.
The survey asked landlords why they first entered the buy to let market:
- 11 per cent entered by chance, for example through inheriting property;
- five per cent acquired an extra property, for example when they met a spouse;
- five per cent intended to sell but experienced difficulties;
- three per cent had to relocate for work, either home or abroad.
Central London was found to have the highest proportion (31 per cent) of accidental landlords. This is closely followed by Wales (29 per cent) and then the East of England and Yorkshire, both with 27 per cent. The North West had the least with just 15 per cent claiming to have got into the business unintentionally.
However, the research also shows that 30 per cent of landlords with a single property only break even, or may even make a loss.
“It may be surprising to find that so many single-property landlords struggle to make it work, but we often find that this is because so many simply don’t realise what they’re getting themselves into” says NLA chairman Carolyn Uphill.