Earnings From Rental Payments Exceed £32bn Annually
September 16, 2014 |
Share this article
The rental market in England is booming, according to research conducted by Direct Line for Business, with rental payments earning landlords in excess of £32bn per year – almost £2.7bn every month.
London alone earns 44% of all rent payed in England (14bn per year), more than the East and West Midlands, Yorkshire, East Anglia, and the North East combined. However, outside the capital, Leeds was found to be the highest earning city for landlords, with private rental payments totalling £565m, comfortably beating off nearest rivals Birmingham (£521m) and Manchester (£401m).
A separate study by Axa Business Insurance found that 59% of tenants would prefer to buy, but cannot afford to do so. However, 17% of tenants reported being able to afford to buy a house, but preferred to rent as it offers more freedom.
The most important factors for tenants choosing a rental property are the number of bedrooms, the price, central location, and distance from work and shops. The two most desirable features are a garden and a garage.
The most off-putting factor is dirt and grime, followed by furnishings in poor condition. 15% of tenants said that an unfriendly landlord was the biggest deterrent. Happily, though, half of tenants reported having a high opinion of their landlord.