New figures point towards UK landlords enjoying a buy-to-let bonanza as more and more people seek accommodation in the private rental sector.
The numbers from national estate agency, Savills show British renters paid over £50billion to buy-to-let investors across the country over the past year to the end of June, underlining the buoyancy of the sector as tenants increasingly opt to stay in rented accommodation for longer.
This means the amount earned by landlords over the past five years has increased by an impressive 35% or £14billion.
Accordingly, the total rent paid to Britain’s private landlords is now more than double the amount of mortgage interest paid to banks by homeowners, who for some time now have been able to take advantage of a period of low interest rates and more affordable loans.
Latest Government figures show around 5.3 million UK households are privately rented, with those aged between 25 and 34 the biggest largest group of renters, numbering some 1.5 million.