New research from the NRLA and Paragon Bank shows that smaller landlords in the UK’s PRS contribute £45bn to the UK economy and are responsible for supporting more than 390,000 jobs.
The research, carried out by accountancy firm PwC, found that a 10% reduction in the size of the sector would not only make it even harder for tenants to find homes to rent at a time when demand remains high.
Growing the sector needs to be a priority, not only to house these tenants, but to give a much-needed boost to the economy and the jobs marke, says the NRLA.
CEO at the NRLA, Ben Beadle (pictured above), said: “The report demonstrates the pivotal role the PRS plays in not just housing many millions of people, but providing employment across the UK.
“Further growth in the PRS would support the creation of a significant number of new jobs over the coming years.
“The report provides a welcome springboard for further discussion about what steps can be taken to make this happen.”
Managing director of mortgages at Paragon Bank, Richard Rowntree, added: “As wells as directly contributing the economy and creating jobs, the PRS also supports labour mobility through the provision of homes to rent.
“The PRS has the highest proportion of tenants in employment compared to other tenures and provides economic fluidity, enabling the workforce and companies to quickly adapt to changes in demand.”
