Landlords regard their property portfolio as an important part of their post-retirement income, as their confidence in the economy slumps to an all-time low.
The news comes after the number of savers contributing to pensions dropped by 8%** in the last 10 years – from 46% to 38% of all employees.
The NLA survey also found that landlords are increasingly pessimistic about the UK economy, with confidence dropping to a record low of just three points, down from 11 points one year ago.
David Salusbury, Chairman, National Landlords Association, commented: “Landlord confidence in the financial market is at an all-time low. This combined with record low interest rates means that many individuals are looking for alternative ways to secure their financial future.
“Private-residential property can be a sound long-term investment for those planning their retirement. But potential landlords must realise that letting property is a lot more complicated than contributing to a pension.
“Becoming a landlord is just like starting any other small business. Anyone considering using property to bolster their pension plans must make sure that they put together a long-term business plan, taking account of the various regulations governing the letting of property, as well as their responsibility to tenants.”
*550 NLA members were surveyed. The survey was conducted by the NLA and BDRC Continental, the UK’s largest independent research agency, to evaluate landlord’s concerns during the fourth quarter of 2011.
**Statistics from the Department of Work and Pensions, December 2011. The overall number of people saving into a private pension fell from 46% in 1999/00 to 38% in 2009/10.
Source NLA jml Property Services (Jeffrey Milner Ltd) have been members of the NLA since the mid 1980's when it was known as the SLA (Small Landlords Association)
1 comment:
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There is currently a pension living disaster in many components of the world, with those near to pension experiencing the possibilities of having to stick with work or stop working with a less than sufficient pension living earnings. The fact is that pension living failures are increasing and surpluses are diminishing. The other problem is that people just aren't keeping enough for pension.
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