Paragon has revealed that landlords spend an estimated £839 million each year upgrading newly purchased rental property before letting it out to tenants.
The bank’s survey of approximately 900 landlords showed that 77% invest in upgrading property after purchase, spending an average of £8,720 each. Based on the average number of buy-to-let mortgages granted each year since 2015, this spend would equate to a £839 million annual investment in upgrading private rental stock.
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