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.

A survey by the National Landlords Association (NLA) has found 81% of landlords expect to rely on their portfolio to help them financially after they stop working. 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.”