Britain’s economy would be better off if it had fewer buy-to-let landlords, according to the country’s biggest investment company. Legal and General Investment Management (LGIM) has hit out at “unscrupulous” landlords over claims many are taking people’s money and “giving them a bad experience”. Bill Hughes, global head of real assets at L&G, is calling for a radical overhaul of the UK rental sector as he argues that too many buy-to-let landlords have been “suboptimal and substandard”. He is spearheading L&G’s push into the build-to-rent industry, predicting that traditional landlords will gradually be replaced by purpose-built rental properties managed by institutions. L&G, which manages nearly $1.5 trillion (£1.2 trillion) of assets, has built a portfolio of 10,000 build-to-rent homes in the least eight years, 5,000 of which are occupied. This is the result of £3bn of investment. Mr Hughes said the introduction of institutional investment into Britain’s rental market will help transform the sector, arguing that the economy will benefit from having fewer short-term landlords. He said: “You have got owners of rental property who are not managing them well. Unscrupulous landlords who are taking people’s deposits and giving them a bad experience. “We‘re here to reset standards of quality...