PRS boom for North West

Manchester and Liverpool are two of the top areas in England for the private rented residential sector, bringing in £33.5m and £10.5m respectively in rent each month.

Analysis by Direct Line for Business shows that landlords across England are seeing a boom in the rental market, with earnings from rental payments at more than £32bn, or almost £2.7bn a month.

London landlords collect the largest proportion of private rental income in England at £14bn a 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 at £521m, Manchester at £401m, and Liverpool at £245.7m.

Direct Line research shows privately rented homes now make up around half of all rented properties in the North West, with 55% in Lancashire, and 51% in Cheshire.

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. Bad payers and 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."

For an interactive infographic of the results click here