An increasing number of people across the UK are finding their circumstances have pushed them into the role of part-time landlord.
New figures from LV= show more than seven per cent of Britons let out a property in order to make extra cash, with this providing an average additional monthly income of £678.
A variety of factors can lead you towards becoming a landlord, with more than 55 per cent of accidental landlords questioned by the insurance company stating they had moved to a new home and subsequently decided to let their old property.
While there are undoubtedly many advantages associated with becoming a landlord – from the extra income it offers to the chance to benefit from capital appreciation over time – LV= warned that some people who take on this role on a part-time basis could be failing to adhere to the strict regulations that govern the sector.
Accidental and part-time landlords can take advantage of the skills, experience and expertise of a letting agent, who will be able to ensure all legal requirements are met and your property is exposed to a large audience of prospective tenants.
If you are thinking about letting out a property, or would like to buy a new home before finding a tenant for your current one, it is worth considering the sums that are up for grabs. The average landlord in London receives £1,079 per month in rent, while in the south-east this figure is £816.
Contact your local Leaders branch today for more information on how to make the most of your property on the rental market and for expert advice from our experienced and knowledgeable letting agents.