28th
Aug 2024
A recent report states that the England’s North West PRS is responsible for a gross value added – GVA – £4billion contribution to the economy.
PwC was commissioned by a trade body and lender to produce The Economic Contribution which studied the economic contributions created by small to medium sized landlords i.e. those with 15 or less properties in England and Wales.
The report highlights that the North West’s PRS contributes 1.76% of the region’s total GVA.
The report also emphasises how the North West’s private rented sector supports 34,000 jobs directly or indirectly across the region’s varied industries which highlights how important the UK’s PRS is to the economy.
The trade body’s spokesperson says: “With an unprecedented supply and demand crisis continuing to unfold across the UK, these findings demonstrate clearly why a thriving private rented sector is in the interests of both landlords and tenants.
“A healthy, dynamic private rental market produces not only much-needed rental properties at what is a tough time for tenants, it also helps sustain employment across a wider range of different industries.
“This report should serve as a reminder to the Government that encouraging growth in the market helps meet housing demand and creates more jobs and investment across the country.”
And a spokesperson for the lender, adds: “Alongside the important societal function of providing homes for the region’s diverse population, this report reveals the sizable Gross Value Added contribution that the Private Rented Sector makes to the North West. In addition, the sector supports an estimated 34,000 jobs, directly and indirectly through the supply chain and broader economy, reinforcing its importance to the region.
“With the North West being one of the UK’s most dynamic regions and one that is central to our economic growth, the PRS has potential to contribute even more. It is important, however, that we foster an attractive investment environment, with tax and regulatory policy recognising the vital contribution that landlords make.”
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