Charlie Davidson, a residential property expert at London law firm Bishop & Sewell, has emphasised the misconception surrounding the ease of generating passive income from property. Drawing from Buy-to-Let (BTL) mortgage statistics by the Office for National Statistics (ONS), which indicate a reported 2.74 million landlords in the UK, Davidson highlights a recent sector contraction due to elevated mortgage costs and heightened legislative obligations.

In Davidson's pragmatic view, despite the enduring popularity of buy-to-let as an investment avenue, it is essential to dispel the notion of it being a swift path to wealth.

He said: “Being a landlord requires effort, and the property portfolio must be actively managed.

“Issues like rent arrears, damage to the property or the process of evicting tenants can be stressful, costly, and challenging.

“Unlike some other assets, the property will require maintenance, repairs and refurbishment that will eat into the landlord’s yield, while the large initial upfront investment to buy the property means buy-to-let should be viewed as a longer-term investment.

“Prospective landlords should avoid being tempted by social media chatter promising an easy fortune, or even more fantastical tax schemes.

“There have been several highly dubious and utterly artificial schemes marketed to landlords as a way of mitigating (or even removing) their tax burden. If something sounds too good to be true, it normally is.”

He concluded: “Buy-to-let is not a walk in the park and successful landlords must be prepared to put in time and effort to earn a profit while also discharging their legal responsibilities to their tenants and ensuring the property is suitably maintained.”