A new report has revealed that landlords in the UK’s buy-to-let market contribute around £16.1 billion to the nation’s economy in pre-tax spending.
The study, conducted by specialist lender Kent Reliance, says that this figure is twice as much as the sector contributed a decade ago, which highlights its growth.
The ‘Buy to Let Britain’ report showed that the average spend per property, before tax or mortgage interest, is £3,571 per year.
However, due to the changes in taxation in recent years and new legal requirements for landlords, 36 per cent of respondents said that they were now looking to cut their annual spending.
When it came to spending, property maintenance was the biggest source of expenditure, with 46 per cent of landlords identifying it as a key area for cost-cutting.
Around 29 per cent of landlords also hope to cut their mortgage interest payments, while nearly one in four intend to save money on letting fees.
For more information on property expenditure and tax planning, please speak to our team.