Being a landlord in London is likely to cost you more than any other area in the UK according to a recent article on propertywire.co.uk
New research undertaken by specialist lender Kent Reliance found that excluding mortgage, tax expenses and void periods, on average a London landlord can look to spend nearly a third of their rental income on costs which can equate to approximately £6,500 a year. However the article did point out that the higher rental prices is likely to offset some of the higher London costs.
The research indicated that on average costs across the UK was approximately £3,600 - just over a third of landlords rental income. The North East of England had the lowest average expenditure but due to the lower rental income this still equated to thirty four percent of the rent they received. Compared with the South East where the percentage rose to thirty seven percent of the income.
Wales saw the lowest average costs but one of highest percentages of income expenses at forty one percent with the article citing the reason for this was the lower rental amounts.
If you are thinking of becoming a landlord then you might want to factor in all the expenses involved including landlord property insurance. If you would like a quote for your let property insurance then why not call us on 01206 655 899 or visit our website for a quote online.