Give yourself a pat on the back as YOU support the local economy .
As a landlord this article in Landlord Today is an interesting read.
Buy-to-let landlords have spent £3.61bn on local economies across the UK over the last 12 months, according to Aldermore Bank.
The bank surveyed 1,000 buy-to-let investors and found that the average landlord spent £1,443 on local tradespeople in the past year, including services such as plumbers, builders, and letting agents, among others, all of which were 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 coming to £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.
Using local provides peace of mind for many landlords, with more than a third – 39% – citing trust as the main reason why they turn to someone local, while 26% say it is due to not living close to their rental property, and so having local people do maintenance is reassuring to them.
Damian Thompson, group managing director of retail finance at Aldermore, said: “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.”
Thompson added: “Our findings show supporting local economies also brings benefits to landlords own businesses. Local workers bring a lot of value to landlords with respondents to our survey citing in particular the quality work, cost effectiveness and the understanding of local areas as key benefits.”
Landlord expenditure on local services the past 12 months:
|Service||Percentage of landlords that used service in past 12 months||Average amount spent annually on landlords that used service||Total UK wide annual spend for service by landlords|
|Letting agent/ property management||31%||£1,135.40||£879.9m|
Maybe the Government need to stop penalising you all and realise what an effect you would have on the economy if frozen out ! Don’t get me wrong , we need to be regulated . But I think we also need a break
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