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English landlords are making the most of a booming rental market as rental payment earnings have eclipsed £32 billion a year, equivalent to £2.7 billion a month.
 
Landlord with properties in the capital collect the largest proportion of rental income, almost half of the total figure at £14 billion, according to the research carried out by Direct Line for Business (DL4B). 
 
Figures show that in total, 44 per cent of the entire country's rent is paid in London. Meanwhile, outside of the capital, Leeds pays the greatest amount of any city, with annual private rent totalling £565 million, followed by Birmingham (£521 million) and Manchester (£401 million).
 
Despite this dominance, landlords outside of London can also make a healthy rental income. Many areas outside the London commuter belt are commanding high rental costs, including Bath, North Somerset, and the Cotswolds all commanding annual rental incomes of more than £11,000 per year. 
 
In terms of the number of properties privately rented, outside of London, Bournemouth leads the line with 30 per cent of all households privately rented. The isles of Scilly (29.7 per cent) and Brighton and Hove (29.6 per cent) follow in second and third place respectively. Across the country, Inner London has the highest proportion of private renters, at 30.7 per cent. 
 
“Buy-to-Let is becoming an increasingly attractive option for people as property prices continue to soar,” said Jazz Gakhal head of DL4B.
 
“Landlords and potential landlords looking to take advantage of this should also appreciate the risks involved. Bad payers and potential damage to property are but just a few of the costs that can lead to landlords paying out 25 per cent of the revenues they receive in rental payments annually. Taking the necessary precautions such as letting through an agency and taking out landlord insurance can help to alleviate concerns and ease the rental process,” he added.
 

 

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