Landlords are benefiting from a booming rental market, with their income increasing for the third quarter in a row.
More than a third (34%) of landlords reported that they have increased their incomes from their property portfolios, figures from Paragon show.
Figures in July revealed that rents had risen above the £700 per month mark for the first time ever in the UK .
Just over 10% of landlords said their rental income had increased by between 2% and 4%, whilst 13% of landlords increased rents above that level.
Only 4% of the landlords surveyed said they had experienced a decrease in their rental income.
Almost four out of 10 (39%) professional landlords said their rental income had increased during quarter three, whilst 75% of smaller-scale landlords reported little change, with their rental income remaining the same.
"Tenant demand has been growing for a number of years, but in recent months it has accelerated considerably," said Nigel Terrington, chief executive of Paragon.
"With tenant demand only looking to increase further in the coming months, landlords are likely to continue to experience increases in their rental income, especially given that 49% of landlords said they expect demand to further increase in the next 12 months."
The rental sector has been boosted by a significant increase in the number of buy-to-let mortgages.
Product numbers hit a peak of 587 in July and finished August at 502, meaning the sector has almost doubled in size from the same point last year when there were 276 buy-to-let accounts.
In addition, today's Credit Conditions Survey from the Bank of England reported that there has been a sizeable pick up in demand for buy-to-let mortgages over the past three months.
Find the best mortgage rate - Compare best selling mortgages
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.