The number of private sector landlords in the UK rose by 7 per cent in 2013-14 to reach 1.75 million, according to new data.

Figures from estate agent ludlowthompson based on data from HM Revenue & Customs (HMRC) showed 1.75 million people declared income from property during the year, up from 1.63 million in 2012-13.

Landlords banked a combined £14.2 billion in net income from their rental properties during the year, up from £13.1bn the year before.

The HMRC figures are the latest data on landlord numbers, which are likely to have increased significantly since.

According to ludlowthompson, buy-to-let lending has boomed as cheap mortgages and rising rents, combined with low savings rates, have made property attractive to investors.

Chairman Stephen Ludlow told The Guardian: “Investors continue to be drawn to the buy-to-let market as the returns routinely outperform those of other investments.

“Buy-to-let investments are a highly popular alternative to the volatility investors often risk when investing in the stock market.”