If you're thinking of becoming a landlord, there's a lot to get your head around. You'll need to consider property prices, taxes and tenancies before you know if it's the right step for you.

So, before you commit to anything, let's have a look at the pros and cons of purchasing buy to let property in 2019:

Pros of Buy to Let in 2019

• Historically, property is a long-term winner:

At the time of writing, data from Zoopla shows that average property values are 43% higher than they were 10 years ago and an incredible 235% higher than this time 20 years ago. Of course, the property market does fluctuate, but this data shows the potential for great returns over time.

• Certain areas could be tipped for more growth:

Some areas could see good short-term growth too, with cities in the north-west seeing an average property price increase of 4.9% in the 12 months to January 2019, according to Zoopla's Cities House Price Index.

• Rents tend to rise over time: 

Just 40% of those in London will own their home by 2025, according to PwC - down 20% from 2000. This means that more people will be looking to rent a property over time, and with increasing demand comes increasing prices.

Cons of Buy to Let in 2019

• Changes have made things tougher for buy to let:

Most lenders now require rental cover of 145% and tax relief on mortgage interest will be capped at the basic rate of 20% for all landlords from April 2020.

Insurance Premium Tax (IPT) rates now stand at 12%, up 2% from previous levels. This tax is payable on all general insurance policies (including buildings insurance), for which landlords are responsible.

Lettings agency fees are to be banned from June 1st, 2019, so landlords will need to find other ways of meeting costs like credit reference checks and inventories.

Landlords starting new tenancies now have to have an Energy Performance Certificate (EPC) with a minimum rating of E. This will come into effect for existing tenancies from April 2020.

• New landlords pay more tax:

Since April 2016, if you’re buying a property that is not replacing your main residence – such as a buy to let property – there's an extra 3% on your stamp duty bill.

Unlike regular stamp duty, this extra 3% is charged as a flat rate on the entire cost of the property. This would mean you pay an extra £6,000 on a £200,000 home!

• Rents are stagnating in some areas of the UK:

Since 2016, rental growth in some areas (particularly the south-east) has been wanting, and in London, there has been negative growth in this time.

Taking up a new challenge on your own can seem daunting, but don't worry, Key Mortgage Advice are here to help! If you're looking to purchase a buy to let property, we can help you find the best mortgage deal from the thousands available on the market. Get in touch today to arrange a free, no-obligation consultation.