New official statistics from HM Revenue & Customs (HMRC) show that property income received by unincorporated landlords has risen to its highest level in five years. However, the figures do not reflect landlords’ actual net earnings, which are reduced by Section 24 mortgage interest relief restrictions.

Headline figures 2023–24

• 2.86 million unincorporated landlords declared rental income, with 99% being individuals filing via Self Assessment.

• £55.53 billion total property income was declared:

  • £47.62 billion by private individuals

  • £7.9 billion by partnerships

• Average landlord income rose to £19,400, up from £18,300 the year before and around 15% higher than in 2019–20.

• Income remains unevenly distributed: 1.36 million landlords declared £10,000 or less.

• Furnished holiday lettings contributed £2.43 billion (4% of total rental income).

Expenses at record levels
Unincorporated landlords can claim allowable expenses, and 87.7% did so in 2023–24. The most common categories were:

• Rent, rates and insurance – 66.2%

• Repairs and maintenance – 66.1%

The largest single expense was residential finance costs, with £9.05 billion claimed (31% of all expenses).

Regional picture

• 18% of landlords declaring expenses were based in London, accounting for 29% of total allowable expenses.

• London and the South East together represented 34% of landlords and 45% of expenses declared.