The Welsh private rented sector makes a gross value added (GVA) contribution of £1.6 billion to the UK economy, according to a new report produced by professional services firm PwC for the National Residential Landlords Association and Paragon Bank.
The report examines the annual revenue of small and medium sized landlords (defined as those with 15 or fewer properties) in their portfolio in England and Wales. The £1.6 billion economic contribution made by the Welsh PRS accounts for almost 1.99% of Welsh national GVA.
These new findings, which are based on extensive quantitative research, reveal that 14,000 jobs are supported, both indirectly and directly, by the Welsh private rental market – a reminder that the PRS, across all parts of the UK, underpins significant levels of investment and jobs.
The report also reveals how the private rented sector across England and Wales, contributes £45 billions of GVA to the UK economy, in the process supporting around 390,000 jobs. Industries supported by economic activity within the UK’s PRS, include construction, building maintenance, and public administration.
Ben Beadle, chief executive at the National Residential Landlords Association, says: “Although we at the NRLA are already well aware of the pivotal economic role landlords occupy across the UK, this research underlines how private landlords support much-needed employment for many across Wales.
“At a time of ongoing sluggish national economic growth, the Government needs to recognise the contribution the sector makes by encouraging the conditions for greater investment in homes for rent.
“Doing so will help build a PRS which works in the interests of landlords and tenants throughout the country.”
And Paragon Bank managing director of mortgages Richard Rowntree adds: “Landlords in Wales play a vital role in providing rental housing for a range of tenant types, including the country’s thriving universities and economic centres in the South and North of the country. It’s important that landlords are incentivised to continue their participation in the sector; anything less could result in less choice and higher rents for tenants.”
You can read the full report here.
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Fascinating
Bungling Boy Beadle forgot to call them “responsible” landlords, or don’t landlords in Wales have to be responsible?😂😂😂
We all know the PRS contributes billions to UK plc and supports local economies and employment right across the U.K. This is not new News.
Our politicians don’t appear to be aware that those ‘billions’ are fast receding along with landlords and their houses! It’s not just homes that are haemorrhaging from the sector.
If we have a socialist government with no landlords, no entrepreneurs and huge taxation there will be no incentive for anyone to work. Then where does the state get its money from?!
I think the rich will go abroad as tax exiles as they did in the 1970’s. If I was younger I would definitely leave the country and turn off the lights as I left.
Time to invest in some printing presses. Those 10 pound notes won't print themselves!
Prepare for lots of hyperinflation.
On a serious note, I agree. My son will be looking at university in a few years time, I'll be encouraging him to look at a quality university abroad, giving him a more international outlook. And will probably be cheaper than a British education. And when he goes, I'll probably follow him!
Who'd have thought it???
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