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Three in ten landlords with just one property fail to turn a profit
Research from a landlords’ body reveals that nearly a quarter (24%) of UK landlords – approximately 360,000 – came into the market accidentally.
The findings, from a National Landlords Association survey which asked landlords why they first entered the buy-to-let market, show that:
- 11% were by chance, e.g. through inheriting property
- 5% acquired an extra property, e.g. when they met a spouse
- 5% intended to sell but experienced difficulties
- 3% had to relocate for work, either home or abroad
Central London was found to have the highest proportion of accidental landlords, followed by Wales.
However, the research also shows that three in ten landlords with a single property either broke even or made a loss.
Carolyn Uphill, chairman of the NLA, said: “The figures show that there are a significant number of people who find themselves as landlords without ever having really planned to enter the market.
“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.”
