Millennials now account for 50% of new landlords, according to new research from estate agency Hamptons, signalling a generational shift in the buy-to-let market.

Those aged 29 to 44 are now the most likely group to set up new buy-to-let limited companies, with Hamptons estimating that 33,395 such firms will be created by the end of 2025 — more than double the number in 2020.

Experts say the figures show the landlord market is “adapting rather than retreating.” Three-quarters of shareholders in new buy-to-let companies are under 50, up from 68% a decade ago. For the first time, Gen Z investors (aged 13–28) outnumber Baby Boomers.

The shift reflects both changing tax policy and regional investment trends. Many younger landlords are incorporating to benefit from lower corporation tax rates (19–25%), rather than paying higher income tax on personal rental income.

Buy-to-let investment is also moving north, where yields are stronger and entry costs lower. The top-performing cities include Sunderland, Aberdeen, and Burnley, each offering average gross yields of more than 8%. Over a quarter of homes sold in the North East were bought by landlords in the past three months, compared with just 8% in London.

London, the South, and the East now account for only 34% of landlord purchases, down from 50% in 2016.

Aneisha Beveridge of Hamptons said: “Thirty years on from the invention of the buy-to-let mortgage, which kick-started investment by Baby Boomers, it’s clear that a new generation is finding alternative ways to build wealth through bricks and mortar.”

Propertymark CEO Nathan Emerson added:  “The rise of millennial landlords demonstrates a generational shift in how private rented property is viewed and managed. Many newer entrants bring a more digitally focused and customer-conscious approach, which can contribute positively to standards and innovation in the sector.”