Research from a company claims that working landlords, which is apparently one in every twenty people, are enjoying a monthly average of an extra £678 on top of their normal monthly wage.

Once the monthly expenses are taken off of the rent which include, mortgage repayments, maintenance costs and property management  then they are left with the average healthy "top up" of £678.

The Capital landlords obviously receive the highest average rent with the South East  coming second, so no surprises there.

The Insurance company reports that there is an increasing trend of more and more people jumping on the property ladder to become "part time landlords",.who are employed full time and have a second income from another property. This usually happens when people move him and decide to keep their original home as a "nest egg".

The landlords who took part in the research claimed that over half - 55% - originally had no intention whatsoever of ever becoming a landlord and that 10% moved to a new home because of work commitments. 6% rented out their home because they were unable to sell their home or moved in with a partner and kept it just in case.

Besides the obvious benefits of renting out a property, there can also be negatives as just under a third - 32% - had their properties damaged with an average cost of £1,200.The most common occurrences for the costs were by tenants - 44% - flooding - 17% - and storms - 8%.

 

Although repairs and maintenance are at times difficult to keep on top of,  the report highlighted a disquieting "fact". 27% of landlords polled, said that they had not carried out a gas safety check in over a year, fully knowing that they could face fines of up to £20,000 for not adhering to the legal requirement.

John O'Roarke, managing director of the landlord insurance arm of the company, said: "Renting out a property can be a great way to cover your costs if you are unable to sell or want to hold on to a home and make some extra money from it, but it is not without risk.

"Landlords not only need cover for any damage to their property but they also need to think about their tenants and how they will house them if the property becomes uninhabitable, as well as the lost rental income. If you are thinking of renting out a property you should check the current regulations for letting properties in your area and make sure you have the right cover in place."