Private Rented Sector makes £4 billion for North West

The Private Rented Sector accounts for 1.76% of the entire North West's gross value added.

A new report commisioned by the National Residential Landlords Association (NRLA) and Paragon Bank has shown that the Private Rented Sector in the North West region makes a gross value added contribution of around £4 billion to the UK's economy.

The report, produced by Price Waterhouse Coopers, is called "The Economic Contribution of the Private Rented Sector" and looks at the economic contribution made by small and medium sized landlords across the UK. This is defined as those landlords having 15 or fewer properties in their portfolio.

The report highlights how the North West's Private Rented Sector accounts for 1.76% of the entire region's gross value added.

The report adds that the Private Rented Sector supports around 34,000 jobs both directly and indirectly across various industries across the region, demonstrating the importance of the UK's PRS in promoting higher investment and increased employment.

Chief Executive of the NRLA, Ben Beadle, said "This report should serve as a reminder to the Government that encouraging growth in the PRS helps meet housing demand and creates more jobs and investment across the country."

The North West has been identified as among the UK's most dynamic regions and central to economic growth.

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