Low number of accidental landlords in the North West

Rented house

Figures from the leading landlords association reveals the North West as having the least amount of accidental landlords with just 15 per cent saying they came into the market accidentally or unintentionally.

The findings from a National Landlords Association (NLA) survey, which asked landlords why they first entered the buy to let (BTL) market, show that:

• seven per cent were by chance, e.g. through inheriting property
• five per cent intended to sell but experienced difficulties
• two per cent acquired an extra property, e.g. when they met a spouse
• one per cent had to relocate for work, either home or abroad

However, the research also shows that three in 10 landlords (30%) with a single property only break even or make a loss.

Carolyn Uphill, Chairman of the NLA, said: “The figures show the North West has the least amount of people who have found 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.

“While a BTL property can provide a steady return, you’re in business to provide a home for someone else so you need to know your obligations and make sure that you have a plan to make a success of it all.

“All landlords can sign up to the NLA for free to see how we can help make a success of their business. We offer free best practice tenancy agreements and other sample forms and letters which they may need during the life cycle of a tenancy.

“Alternatively, enlisting the help of a letting agent is an option if you prefer a more hands-off approach; just make sure they are a member of a reputable trade organisation such as UKALA.”