The Brits Massively Consider Becoming Landlords

Recent research conducted by an authoritative online source of professional advice revealed that an average of 5 million homeowners have considered becoming so-called reluctant, or accidental, landlords. One third of them, which amounts to almost 1.5 million, have considered this option because they are unable to sell their properties without a loss due to current economic conditions.
The research also demonstrated that young UK citizens, aged 18-34, were hit the hardest by the recession with ¼ of them considering renting their property or taking in a lodger and 400,000 people already having a lodger.
Citizens of London, according to the research, are most inclined to look into the rental business with 190,000 taking in a tenant to make ends meet.
The research also highlighted the fact that the vast majority of people who consider become private landlords have been hurt by the property market. For instance, 280,000 of potential landlords have considered this option because they cannot sell their property without a loss and 200,000 of potential landlords need the rental income to purchase another property. The figures are proved by National Landlords Association’s statistics, which shows that 43% of landlords have entered the buy to let market by chance.
Richard Winder, one of the researchers, claimed that the previous years created a wave of landlords, who were attracted by easy finance and rising property prices, while the current economic decline has created another wave of reluctant buy to let landlords, who need money and refuse to sell their properties at low prices. He added that it is strongly recommended for all homeowners considering this serious step to talk to financial or mortgage advisor.