News: BTL continues to supplement the PM's income

Tue, 17 Apr 18

With savers receiving miserable returns, many shrewd investors are turning to the buy-to-let sector as a means of supplementing their income, and so it comes as little surprise that no fewer than nine cabinet ministers, including the Prime Minister and Chancellor, earn extra cash from rental income.

Both Theresa May and Philip Hammond have rented out their London homes while living at Number 10 and 11 Downing Street respectively.

The PM and her husband, Philip, earn close to £1,000 a month in rental income from a property in central London.

Parliamentary records show that the property, which has been occupied since 19 August, is worth more than £100,000 and brings in a rental income of over £10,000 a year.

But given that the flat is listed as being located in central London, it is surprising that it carries such a low valuation.

The modest property may have acted as the MPs second home when she was in London, prior to moving in to Downing Street.

Her predecessor, David Cameron, earned £500,000 renting out the family home in Notting Hill while he was in Number 10. 

Last week the Health Secretary, Jeremy Hunt, was forced to apologise for breaching money laundering rules after he failed to declare a business interest with luxury flats he was renting out.

Communities and Housing Secretary Sajid Javid also rents out property, while Transport Secretary Chris Grayling is a landlord for two properties.

Boris Johnson, Liam Fox, Alun Cairns and Brandon Lewis all own and rent one property.

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