Landlords: how much are you giving back?
Mary-Anne Bowring 04/02/2020
815
1. Landlords Make a Valuable Contribution to Local Communities
Landlords often face criticism, but the majority are responsible contributors to the private rental sector (PRS) and their local communities. While bad landlords may dominate headlines, new research highlights the significant positive financial impact that landlords have on local economies.
2. New Research: The Financial Impact of Landlords
According to research conducted by mortgage company Aldermore, private landlords contribute significantly to their local economies by hiring local tradespeople and businesses for property-related services. The study polled 1,000 UK-based landlords and revealed some compelling statistics:
- Over 80% of landlords who needed repairs or renovations turned to local companies.
- On average, landlords spent £1,443 in the past year on plumbers, builders, letting agents, and other tradespeople – the majority of whom were local.
3. Breakdown of Spending in the Rental Sector
The study found that landlords spent significant amounts in the last year across various services:
- Letting agents: £900 million
- Small-scale repairs: £442 million
- Plumbers: £396 million
- Electricians: £375.4 million
- Builders: £377.3 million
- Cleaners: £243.2 million
This showcases the broad economic impact landlords have on their local communities.
4. Supporting Local Economies
- Almost one-third of landlords expressed a desire to actively support their local economy by hiring local tradespeople.
- One in four landlords also noted that local suppliers tend to be more cost-effective than nationwide alternatives.
5. Changing the Narrative
Landlords now have evidence to counter negative perceptions. The research highlights that the majority of landlords play a crucial role in maintaining their properties, supporting local businesses, and fostering economic growth within their communities.
6. Final Thoughts
Next time landlords are under fire, they can point to the data. Their financial contribution and commitment to supporting local economies make them an essential part of the community.
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