Rental mar­ket boom as prop­erty prices on the up

Stockport Times West - - HOMES -

LAND­LORDS in Eng­land are wit­ness­ing a boom­ing rental mar­ket, with earn­ings from rental pay­ments in ex­cess of £32bn per year or almost £2.7bn per month, ac­cord­ing to new re­search.

In to­tal, 44 per cent 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 at £521m and Manch­ester at £401m.

The re­search also re­veals that London and the Home Coun­ties dom­i­nate rental in­comes, with the high­est av­er­age rents in in­ner London at £19,596 per year or £1,633 per month.

“Buy to let is be­com­ing an in­creas­ingly at­trac­tive op­tion for peo­ple as prop­erty prices con­tinue to soar”, said Jazz Gakhal, head of Di­rect Line for Business.

“Land­lords and po­ten­tial land­lords look­ing to take ad­van­tage of this should also ap­pre­ci­ate the risks in­volved.

“Bad pay­ers and po­ten­tial dam­age to prop­erty are 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.

To help land­lords keep track of charges paid, on­go­ing ex­penses and to as­sist in cal­cu­lat­ing the yield on their port­fo­lio Di­rect Line for Business has launched a new land­lord app, Mo­bile Land­lord, that en­ables land­lords to man­age up to five prop­er­ties on the go through a sin­gle on­line, mo­bile por­tal.

Mo­bile Land­lord is free to down­load and avail­able on both iOS and An­droid.

The buy to let mar­ket is boom­ing as peo­ple to choose to rent rather than buy

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