According to the latest figures from the National Landlords Association (NLA), it will take you on average 19.5 years if you plan to build up a property portfolio of more than 20 properties, or 14.8 years to acquire up to 10 properties.
These figures show that making a success of letting property in the long run takes a great deal of planning and preparation. Imminent increases to the cost of stamp duty from April 2016, which is likely to limit everyone but the cash rich from proliferating their portfolio, will mean bad news for budding entrepreneurial landlords thinking of a future in buy to let.
However, not everyone is interested in amassing an empire of rental properties, and in reality most settle for far fewer. For instance, a typical landlord has been letting properties for just over 10 years and most frequently tends to have between 2-3 properties. And a large proportion are single property or ‘accidental’ landlords who may not have intentionally entered the market.
Do you have the support you need?
Regardless of how long you’ve been letting property being a member of the NLA is a must, but particularly if you’re new to the market and not totally sure of what lies ahead.
The NLA offers all the support and help you need to deal with every aspect of renting your property. As the leading organisation for private residential landlords in the UK we have developed a range of specialist services especially to make landlords’ lives easier and cheaper, including:
- Discounted rates on vital tenant checks and deposit protection
- Assistance with stressful situations like property repossession and rent recovery
- Property management including a guaranteed monthly rental income
- Exclusive mortgage deals not available on the wider market
- Competitive deals on property insurance
As always, don’t just take our word on it, see what other landlords say about the support offered by the NLA.
So wherever you are in the landlord lifecycle, and whatever your requirements, the chances are we’ve already thought about it. See for yourself with a quick overview of all the NLA’s services here.