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 do 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% across the UK. The East Midlands and Wales provided the best returns for investors at 6.7%.

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

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.”