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Rental sector’s huge boost to local economies revealed by survey
A mortgage company has attempted to quantify how much private landlords inject into local economies.
Aldermore’s research, surveying 1,000 UK-based landlords, discovered that 81 per cent used a local tradesperson when their property required work or renovation.
Landlords spent on average £1,443 in the last 12 months on services such as plumbers, builders, letting agents and other tradespeople, and all hired from the local community for most of their requirements.
Of the total amount paid to local service providers, landlords spent the most on letting agents – some £879m in the past 12 months, followed by £442m on general handy-workers and £396m on plumbers.
Also, landlords spent £375.4m on electricians, £377.3m on builders, and £243.2m on cleaners.Almost a third of landlords responding to the survey say they want to support their local economy by using local tradespeople and one in four say they tend to be cheaper than alternatives anyway.
“Landlords are an integral part of local communities across the UK, providing investment and fulfilling the demand of the expanding private rented sector. Around every landlord is an ecosystem, in which they pay local tradespeople, like plumbers, builders, decorators, for jobs and those companies in turn train up employees and pay their own local suppliers for services also. The contribution landlords make to local communities extends much wider than merely providing rental accommodation” explains Aldemore’s Damian Thompson.
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Original Source: Letting Agent Today.
Original Author: Graham Norwood.
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