With all the negative news coverage of landlords currently, it is often forgotten how much landlords actually contribute to local communities through their businesses. A recent report published by lender Aldermore highlights the significant financial contributions landlords make to local economies.
Amid a cost-of-living crisis, this survey suggests landlords are an often-overlooked financial support for local communities, not just through the housing they provide, but also through the associated work that this provides for local businesses. An example of this is things like ongoing maintenance of the properties, insurances, cleaning services, refurbishments and the like.
According to the findings of the survey, the majority of landlords questioned – nearly 80% – prefer to engage tradespeople located near their rental properties. This preference for local services translates into substantial spending, with each landlord investing an average of over £6,000 each per year on these services.
However, maintenance work is not the only local service landlords use, with other services such as interior design and architectural work also featuring highly in the survey results.
Landlords’ preference for local services are due to several factors, including trust being a major factor. Landlords also appreciate the valuable insights into the local area that tradespeople can provide, which enhances the overall quality of service provided.
Not unsurprisingly, the majority of those questioned in the survey believe that landlords leaving the rental market will have a significant impact on the quality of rental property available for tenants. However, despite their significant contributions to their local economies, landlords face increasing challenges.
Economic factors such as high interest rates, uncertain house prices, and rising living costs have prompted over half of landlords to contemplate downsizing their portfolios.
Yet, amidst these challenges, landlords remain crucial to meeting the UK’s housing demand and boosting local economies. The survey reveals most respondents recognise the indispensability of the private rented sector (PRS) in addressing housing needs.
Further, there has been a well-publicised surge in tenant demand over the past year, underscoring the sector’s significance in fulfilling housing requirements.
Landlords remain pivotal to addressing the UK’s housing demand. In addition, the recent data shared here, show that they are generous contributors to their local economies as well. Whilst landlords sometimes get bad press, there are so many good landlords out there making a really positive difference.
In conclusion, it’s evident that landlords play a vital role in supporting local communities, not just by providing housing but also by stimulating economic activity through their investments. While they may face challenges such as economic uncertainties and rising costs, landlords remain committed to meeting the housing demand in the UK and contributing significantly to their local economies.
At The Property Lifeboat, we understand the importance of landlords in Kent and their impact on the community. Whether you’re looking to sell or grow your portfolio, we’re here to help.
If you’re a property investor in Kent looking to make the most of your investments, we invite you to get in touch with us today. Reach out via email at admin@thepropertylifeboat.co.uk or give us a call on 01233 800999. Let’s work together to navigate through any challenges and unlock the full potential of your property investments in Kent.
