With research revealing that buy-to-let landlords collectively contribute £16.1bn to the British economy through pre-tax spending, prime minister Boris Johnson is being urged to acknowledge the ‘importance’ property investors play to the UK economy.
The ‘Tracking landlords’ costs and economic contributions’ report from Kent Reliance, which was realeased earlier this year, stated that spending per property stood at £3,571 before tax or mortgage interest, and this should not be ignored by Johnson’s government, according to Beatriz Montoya, chief operating officer at Simply Business.
Montoya wants to see the government do more to encourage landlords to continue investing in the buy-to-let sector.
She said: “Buy-to-let landlords contribute a combined £16.1bn to the economy through pre-tax spending, and it’s vital that Boris Johnson and his party recognise their importance to Britain.
“A lifetime deposit would bring about huge change, but with little detail published, it’s hard to see how this will work in practice, or the impact it could have on landlords.
“We know a quarter of landlords already plan to cash in next year due to government reform, tax hikes, and uncertainty in the market. The current tax increases imposed by the government are proving counterproductive, but with no promises to prevent those looking to sell from leaving, we could see half a million homes put up for sale next year alone.”