Research conducted by BDRC Continental on behalf of BM Solutions found the average landlord could expect yearly income of almost £60,000 from rent payments, more than twice the average pay of £27,174.

The average landlord has a portfolio of eight or nine properties with a total value of £1.2m but one-in-three does not have an exit strategy, financial plan or growth strategy in place.

Two-thirds of these landlords rely on buy-to-let mortgages to purchase properties with yields remaining strong across the country.

The study said in the past three months the average yield grew to 6.2 per cent across the UK. The East Midlands and Wales provided the best returns for investors at 6.7 per cent.

In addition, landlords are increasingly confident about the future of the sector, with 61 per cent positive about the year ahead compared to 54 per cent a year ago.

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Phil Rickards, head of BM Solutions, said: “It’s easy to see why people are attracted to the buy-to-let market; it offers a tangible investment which can provide the long-term returns that some other assets won’t.

“For those people considering the opportunities that this market presents it is however important to understand the financial and legal commitments being a landlord brings and to ensure that you undertake the right level of research and due diligence to increase your chances of success.”