Property investors have suffered a £1.5bn shortfall in rental income due for the second quarter.

Almost a fifth of rents due at the March payday have still not been collected 90 days later, according to Remit Consulting.

The research, base on an analysis of 125,000 leases, shows that the retail sector is responsible for £780m, or just over half, of the unpaid rent.

Around 32% of retail rents have not been collected, along with 7% of residential rents, 12% of office rents and 16% of industrial rents.