Third of Landlords will be cutting their annual spending

As their tax burden increases, over a third of landlords are looking to cut their annual spending, a move that will hit the tradesmen and professionals that support the property industry, according to latest research by Kent Reliance.

Landlords currently contribute £15.9bn per year to the British economy through pre-tax spending on running their portfolios, supporting thousands of jobs. This has more than doubled from an estimated £7.1bn in 2007, owing to the rapid growth of the private rented sector and climbing costs per property.

The cost of property upkeep, maintenance, and servicing is the largest outlay (£5.5bn). Landlords spend £2.0bn in service charges and ground rent, £963m on insurance, £904m on utilities, and a further £1.1bn on other associated costs of letting a property.

Spending on letting agents’ fees totals £4.7bn each year, with £644m spent on legal and accountancy fees, and £218m on administration costs. Altogether, landlords provide £5.5bn of revenue for these sectors.

You can read the full article published in Best Advice

Photo by Marten Bjork on Unsplash

By Clicking the above link(s), you will be departing from the regulated site of The Mortgage Choice. Neither The Mortgage Choice nor Stonebridge Mortgage Solutions Ltd are responsible for the accuracy of the information contained within the linked site