London landlords collect the largest proportion of private rental income in England at £14bn per year, more than the North East, East Midlands, West Midlands, Yorkshire and East Anglia combined. In total, 44% of the entire country's rent is paid in London. Outside the capital, Leeds pays the greatest amount of any city, with annual private rent totalling £565m, followed by Birmingham (£521m) and Manchester (£401m).
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The research reveals that London and the Home Counties dominate rental incomes, with the highest average rents sitting in Central London (£19,596 per year or £1,633 per month). Elmbridge, Surrey, has the highest rents outside London, worth (£18,948 per year or £1,579 per month), followed by South Bucks, where monthly rental costs are £1,530 in the private sector.
Jazz Gakhal, head of Direct Line for Business, said: "Buy to let is becoming an increasingly attractive option for people as property prices continue to soar.
"Landlords and potential landlords looking to take advantage of this should also appreciate the risks involved. Agency fees, bad payers, potential damage to property are but just a few of the costs that can lead to landlords paying out 25% 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."
(CD/JP)
