Around 360,000 UK landlords came into the residential private rental market accidentally or unintentionally, a report has revealed.
The National Landlords Association (NLA) survey asked landlords why they first entered the buy to let market and found that 11% were by chance, such as inheriting property.
Property Wire reports that 5% acquired an extra property such as when they met a spouse or partner, 5% intended to sell a property but experienced difficulties and 3% had to relocate for work, either home or abroad.
Central London was found to have the highest proportion of accidental landlords at 31%, followed by Wales at 29% and then the East of England and Yorkshire, both with 27%. The North West had the least with just 15% claiming to have got into the business unintentionally.
It was also revealed that 30% of landlords with a single property only break even or make a loss.
“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,” said NLA chairman, Carolyn Uphill.
“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 buy to let 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.”