The number of UK property tycoons could double by the end of the decade with an additional one million homeowners seeking to rent out a second property by 2010, says Mintel.

According to Mintel, there are currently around two million people in the UK who own a second home. Of those, around 3% are buy-to-let landlords and a further 3% of homeowners were looking to purchase a second property so they can let it out by the end of the decade.

Research indicates that in 2007, the number of buy-to-let mortgages is expected to reach 361,000, up almost 10% on last year’s figure.

Paul Davies, senior financial analyst at Mintel, said: “It is clear that these days, buy-to-let is no longer the exclusive domain of professional portfolio landlords. Increasingly, property owners are seeing the benefits of investing in bricks and mortar and often regard the second homes market as a good alternative means of saving for retirement. As long as these trends continue, future growth in this market should be guaranteed.”