For many landlords, property investment is not their primary source of income. Now, the most common occupations for landlords have been revealed to be office admin roles, alongside jobs in IT, teaching and accountancy.
Far from dedicating themselves full time to renting out properties, two thirds of landlords have what many would class as ‘normal’ jobs and only rent out property to supplement their income, the findings by online letting agent MakeUrMove suggested.
It found that only five per cent are professional landlords, defined in the research as owning five properties or more.
- First time landlords: 6 top tips for renting out your home
- Landlord tips: 6 things that landlords always forget to budget for
- A guide to tenancy deposit protection for UK landlords
- Why do I need landlord insurance?
Many landlords are accidental landlords
Of those surveyed, only 18 per cent became landlords because they wanted to create a property business.
16 per cent let a property they inherited and 22 per cent became landlords due to unplanned circumstances, such as splitting with a partner or being unable to sell a house.
And with more than half of landlords only owning one rented property, it means ‘very few’ landlords are raking in a massive income from owning huge property portfolios, according to MakeUrMove.
Letting a property for supplementary income
Alexandra Morris, managing director of MakeUrMove, said: “These figures shed some light on what British landlords really look like.
“The reality is that wealthy, multi-property owning landlords are quite rare. Most landlords are ordinary people working in regular jobs who are renting out a property to try and save for their retirement or to supplement their main income.
“With 53 per cent of landlords owning one single property, it’s clear that most landlords are not living off a portfolio of properties. They work as electricians, taxi drivers, hairdressers or social workers - they are just regular people who want to maintain healthy, stress-free relationships with their tenants.”
Gender split is roughly equal among landlords
It follows separate research that suggests 46 per cent of all property investors are women.
There are 1.1million female landlords in Britain, according to the figures published by estate agent Ludlow Thompson, which were based on Government figures.
The agent suggested that this could be due to women perceiving property being a lower risk type of investment, even though it can be relatively less liquid given the amount of time it can take to sell a property.
The estate agent’s Stephen Ludlow said: “While a lot of men get entranced by get-rich-quick investments like cryptocurrencies, women are said to prefer much more grounded and lower risk investments like property.”
How did you become a landlord? Let us know in the comments