Mortgage Voice, a piece of research commissioned by a leading buy-to-let mortgage lender, reports that 35% of respondents said that they became landlords with the sole intent of a long term investment. It also showed that 27% would keep their properties after their retirement and 18% would sell their buy-to-let property by the time they retire.

The research also highlighted that many would be increasing their number of properties over several years with 18% looking to add one or two more to their portfolio each year and 7% hoping to add more than five each year.

The research found that the most common reasons for becoming involved within the sector and significantly increasing the number of "accidental landlords" in a relatively short space of time were the inheritance of a family home which they decided rented out, 28%. Over one in five, 21% established a relationship and moved in with a partner and 14% could not sell their property and had to resort to renting it out.

Renting is seen as good sense as 18% are more comfortable budgeting when renting a home, whilst 13% are able to live in more desirable areas and 10% said that they can afford a larger home by renting.

 

Many of the landlords that took part in the research said that by increasing the number of different product designs of the buy-to let mortgages and making the rates more competitive would surely increase spending within the sector.

Alan Cleary, managing director of the lender, said: “As a nation we are renting for longer and until much later in life, a demographic and social shift that breaks away from past realities. This is for a variety of reasons, not least that we tend to marry later or migrate across country for jobs and family life.

" This change calls in to question the availability and quality of rental stock and shines a spotlight on landlords.

“The research demonstrates that contrary to popular belief – that buy-to-let landlords are mere ‘speculators’ – many landlords are in it for the long term. In order to respond to the changes – to support buy to let landlords and bring quality rental stock to market – the mortgage industry must work to develop a truly modern suite of products. Only then can we meet the need of emerging landlords."