Landlords are vital to the local economy

Landlords are important contributors to local economies, according to research from specialist lender Aldermore.

According to the bank, which provides financial services to small and medium-sized businesses and personal customers, they generate wealth for the areas close to their properties in different ways.

According to the research, almost eight out of 10 landlords choose to use tradespeople who live or work in the vicinity of their rental properties.

This sees them spending an average of approximately £6,003 a year each on electricians (52 per cent), plumbers (50 per cent) and handymen (34 per cent).

In addition, apparently one in seven landlords also employ local structural engineers and interior designers and structural engineers, and the same number use local architects.

Many landlords say they actively try to support the local economy. One third say they trust local services.

Jon Cooper, head of mortgages at Aldermore, said: “Amid a backdrop of ongoing market challenges – from high interest rates through to regulation changes – some landlords are considering downsizing their portfolios. 

“However, there will be plenty of larger-scale, professional landlords that will instead look to purchase more buy-to-let properties.

“This should, over time, provide useful ballast to the private rental sector.

“Landlords remain absolutely vital to addressing the UK’s housing demand.

“Our data shows they’re generous contributors to their local economies as well.”