Landlords in it for the long-haul

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The majority of landlords plan to continue letting out properties from within their current portfolio for a significant amount of time, according to a new survey.

Figures provided by Alliance and Leicester Mortgages revealed that 64 per cent of landlords are happy with the current income from their residential lettings and that they hope to continue to manage their properties for an average of 18 years.

However, less than one in ten of those questioned in the survey indicated that their role as a landlord represented their main profession, with 87 per cent of viewing the role as a profitable pastime, while the majority used their lettings to fund their retirement or save for the future.

Commenting on the findings, Stephen Leonard, director of mortgages at the lender, said: "It is encouraging to see landlords taking a measured, long-term approach to their buy-to-let investments."

"Releasing the equity built up in a rental property over a number of years could provide a crucial lump sum to cover future needs, like university fees, helping their children onto the property ladder, or even acting as an alternative pension pot," he added.

"But whether it is to provide a pension for retirement, or a monthly income, landlords' ambitions suggest buy-to-let will remain an important part of the overall UK housing market."

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