Report shows private rented sector makes £4 billion contribution to North West's economy
A report authored by PwC, and commissioned by the National Residential Landlords Association (NRLA) and Paragon Bank, reveals that the private rented sector (PRS) in the North West region of England makes a gross value added (GVA) contribution of £4bn to the UK economy.
The report, entitled "The Economic Contribution of the Private Rented Sector”, examines the economic impact generated by small and medium-sized landlords (classified as those with 15 or fewer properties) across England and Wales. It highlights that the North West’s PRS accounts for 1.76% of the region’s total GVA.
The report also underlines how North West’s PRS supports 34, 000 jobs both directly and indirectly across various industries in this region. This finding demonstrates the importance of the UK’s PRS in driving investment and employment across the UK.
For more detailed insights from the report, click here.
Ben Beadle, Chief Executive of the NRLA, commented on the report saying:
“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.”
Louisa Sedgwick, Managing Director for Mortgages at Paragon Bank said:
“Alongside the important societal function of providing homes for the region’s diverse population, this report reveals the sizable Gross Value Added (GVA) 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.”
