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Landlords Receiving Record Income from Rentals
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Landlords within England are experiencing a thriving rental sector, as earnings from rental payments top £32 billion per year.
Landlords Receiving Record Income from Rentals
Direct Line for Business conducted a study that found landlords in London receive the highest proportion of private rental income in England, at a massive £14 billion a year. This is more than the North East, East Midlands, West Midlands, Yorkshire, and East Anglia combined. Altogether, 44% of the whole country’s rent is paid in London.1
Outside of London, the highest amount of rent paid in any city is in Leeds, with yearly private rent reaching £565m. Next is Birmingham at £521m, followed by Manchester at £401m.1
The research also found that London and the Home Counties lead rental earnings, with central London seeing the highest average rents, at £1,633 a month or £19,596 per year. The highest rents outside of London are found in Elmbridge, Surrey, where they stand at £1,579 per month or £18,948 a year.1
Despite these huge figures, landlords outside of these parts can also see a strong rental income. Areas outside the London commuter belt can also demand high rents, with Bath, North Somerset, and the Cotswolds commanding annual rental incomes of over £11,0000.1
In terms of proportion of private renters, Bournemouth leads the way outside London, with 30% of households in rental accommodation. The Isles of Scilly have 29.7%, and Brighton and Hove have 29%. Inside Greater London, the proportion of private rentals is 30.7%.1
1 http://www.landlordtoday.co.uk/news_features/Landlords-enjoying-%22record-income-from-letting%22
