One in 20 people in the UK rents out a property to supplement their main income, receiving £678 in rent each month on average but many are unaware of the regulations, new research shows.

This amounts to nearly £28 billion a year across the country as part of a boom in part time landlords, says the research from LV= landlord insurance.

The research found however, that almost 500,000 landlords have not had their property checked by a gas safety engineer in the last 12 months, risking prosecutions and fines of up to £20,000

Also, some 32% of landlords have had their property damaged at some point, which has cost them £1,200 on average to repair.

Landlords in London and the South East collect the highest rents at £1,079 and £816 respectively, followed by the West Midlands at £678 and then East Anglia at £676.

Approximately 60% of this is spent on borrowing costs, management fees and maintenance costs, leaving landlords a healthy pre-tax profit of 40% on average.

The trend is mainly being driven by people moving to a new home and then renting out their old one. Indeed 55% of these landlords are renting out properties that they never intended to, with 15% saying it was because they wanted a bigger property and 10% having to move for

Whatever the reason for letting out a property, all landlords must comply with current regulations on rented homes, LV= points out. By law, all landlords must ensure that gas and electrical equipment is installed and checked annually by a registered engineer. Tenant deposits must be held in a deposit protection scheme and some local authorities insist that landlords in their area obtain a licence.

Source:www.propertywire.com

I come across this all the time. I am told "I'mm not really a landlord I only let one property".  My reply "If you are taking rent from a property you ARE a landlord and you MUST learn the law that surrounds letting property".  ,Most of them haven't even heard of Gas Safety!!

The other issue that I come across regularly is the shock when a property is returned in less than "as let" condition. People have to understand that a property will get more wear and tear when it is rented but they also need to be realistic. No ones home stays "as new" we all have to repair and redecorate our own homes and if you want to keep a property in perfect condition DON'T RENT IT OUT.

I always advise accidental landlords to read the many warnings here http://www.landlord-referencin.....ing-co-uk/

This should give them a reality check.

Mary Latham Landlord