Landlords Contribute £45bn to UK Economy
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New Report Highlights Landlord Contribution to UK Economy
A recent report has revealed that small and medium landlords in England and Wales are estimated to contribute around £45bn to the UK economy and support over 390,000 jobs.
Let’s take a look at this report in greater detail.
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How Much Do Landlords Contribute to the UK Economy?
Produced by PwC, Paragon Bank and the National Residential Landlords Association (NRLA), this report revealed that small and medium landlords own around 80% of all privately rented properties in England and Wales – totalling around 3.8 million homes out of the total 4.8 million within the sector as a whole.
These landlords also sustain over 390,000 jobs directly and within the broader economy, encompassing 129,000 directly upheld jobs and 260,000 jobs supported by the supply chain and additional spending generated by the sector.
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The Benefits of Landlords & Property on the UK Economy
According to the report, even a 10% reduction in the sector could lead to thousands of jobs lost.
At the same time, if the rental market were to expand by 10%, this could bring an estimated £4.5bn of additional GVA and create 39,000 more jobs linked to the sector.
The report outlines a range of key economic benefits attributed to buy-to-let landlords and the private rental sector:
- Direct Benefits: The value and jobs that are created directly by landlords providing housing services. From the value that tenants receive in terms of shelter and household amenities to jobs such as property management or maintenance/repairs.
- Supply Chain Benefits: The value added down the supply chain, generated by demand from landlords as they spend money on letting agents, renovation work, etc, to provide housing services. We have also produced a guide explaining what is UK Serviced accommodation and what to expect from it in 2024 and beyond.
- Spending Benefits: By supporting employment in the economy (both directly and indirectly through supply chains), the sector helps support incomes. Workers utilise this income, thereby fostering additional economic activity across the broader economy.
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UK Property Market Plays a ‘Pivotal Role’ in the UK Economy
According to Ben Beadle, chief executive at the NRLA, the results of this study demonstrate how the rental market plays a “pivotal role” in providing homes and maintaining high-quality employment and the broader UK economy as a whole.
He added: “These findings also underline how further growth could help the private rental sector to underpin a significant number of additional jobs over the coming years. We hope that this report provides a platform for further discussion about what steps can be taken to make this happen.”
For more on the UK rental market, take a look at some of our recent buy-to-let property guides:
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