Rental market booming for English landlords

It will please many an English landlord making use of Advanced Rent's tenant referencing services to learn that their rental market is presently a booming one. A new study has found that earnings from rental payments now exceed £32 billion per year, or almost £2.7 billion per month.

The largest proportion of private rental income in England is collected by London landlords at £14 billion per year, which is higher than the North East, East Midlands, West Midlands, Yorkshire and East Anglia put together. It means that the capital accounts for 44 per cent of England's rents.

Outside London, Leeds is the highest ranking city for annual private rent paid at £565 million, followed by Birmingham at £521 million and Manchester, which recorded £401 million. Rental incomes, however, are dominated by London and the Home Counties, with Inner London's highest average rents being £19,596 per year or £1,633 per month.

The capital aside, the highest rents were seen in Elmbridge in Surrey, at £18,948 per year or £1,579 per month. South Buckinghamshire's private rental costs of £1,530 gave it a ranking of second place. However, strong rental incomes were still commanded by landlords outside these regions. High rental costs were seen in many areas outside the London commuter belt like North Somerset and Bath and the Cotswolds, both areas where annual rental incomes exceeded £11,000.

The largest proportion of households privately rented, when London was not considered, could be found in Bournemouth (30 per cent), followed by the Isles of Scilly (29.7 per cent) and Brighton and Hove (29.6 per cent). However, Inner London still boasted the country's highest proportion of private renters, at 30.7 per cent.

While soaring property prices have made for greater numbers of private rented tenants, landlords need to be aware of the dangers before investing. Thankfully, Advanced Rent can provide the insurance products to give new and established landlords vital peace of mind, particularly when they come to expand their portfolios.

Advanced Rent has won particular acclaim in recent times for its tenant referencing services that give landlords a full reference for a fair price. With standard checks including a six year credit history as well as employment and income verification and a guarantor validation and suitability check, they're among the many aspects of Advanced Rent's offering that help to make life easier for landlords throughout the United Kingdom.

Editor’s Note: Advanced Rent (http://www.advancedrent.co.uk) is represented by the search engine advertising and digital marketing specialists Jumping Spider Media. Email: info@jumpingspidermedia.co.uk or call: +44 (0)20 3070 1959 / +34 952 783 637.