HMRC have released their latest property income statistics for 2023-24. The statistics show that property income received by all unincorporated landlords reached its highest point in the last five years, having increased to £55.53 billion, up from £47.44 billion last year.
The statistics also revealed that property income is largely concentrated in London. 17% of unincorporated landlords were based in London, and they accounted for 27% of property income received by unincorporated landlords.
HMRC's property income statistics only cover one section of the UK's property sector, specifically those that are reported under Self Assessment.
- Incorporated businesses with property income do not file Income Tax Self Assessment (ITSA) returns and are not included.
- As such, the data does not cover company landlords or the property income of overseas entities.
Key points from 2023-24
- 2.86 million landlords declared income from renting property in the year, up by 200,000 from the previous year.
- 99% of the income declared arose from individual landlords, with only 1% from partnerships.
- Individual landlords accounted for £47.62 billion, while partnerships accounted for £7.90 billion.
There has been a consistent rise in total income from property since 2020-21, thought to be driven by an increase in the average property income and the number of landlords declaring property income.
Average property income
The statistics show an increase in the average income declared per landlord.
- Since 2019-20, there has been a 15% increase in average income per landlord.
- This amounts to an increase of £2,500 per landlord.
- The amount of average rental income declared per landlord for 2023-24 was £19,400, an increase of £1,100 from 2022-23.
Income from Furnished Holiday Lettings
UK Furnished Holiday Lettings (FHLs) accounted for a small proportion of the overall market.
- In 2023-24, UK FHLs accounted for 4% of the total UK rental market.
- Total income from FHLs increased from £2.36 billion in 2022-23 to £2.43 billion in 2023-24.
The Furnished Holiday Letting regime was abolished in April 2025.
Expenses from all UK property
The most common expenses claimed by landlords are rent, rates, insurance and repairs and maintenance, with 88% of unincorporated landlords claiming expenses against their income.
Other key statistics for expenses:
- The largest category of expenses is residential finance costs, with £9.05 billion being claimed.
- Overall, property expenses have increased by 27% since 2019-20.
- Average allowable expenses in 2023-24 were £11,500.
Regional analysis
As stated, 17% of all unincorporated landlords were based in London, with 43% of all income declared deriving from London and the South East.
Other regional areas:
- Scotland accounted for 5% of all total property income, Wales 3% and Northern Ireland 1%.
- The North East of England accounted for the smallest proportion of property income.
Overall, the statistics show that 1.36 million unincorporated landlords earned £10,000 or below of rental income in 2023-24, up from £9,200 in the previous year.
Useful guides on this topic
Land & Property: an Adviser's Tax Update 2025-26
Land and Property taxes: a comprehensive review of the sector offering a topical CPD update. Hot topics for advisers include issues concerning the abolition of the Furnished Holiday Let (FHL) regime and the recent Spring Statement 2025 announcement that MTD for landlords with income above £20,000 will be brought forward to April 2028.
Buy-to-let ownership: personal v. company?
What is the most tax-efficient way to own buy-to-let property? Personally or via a company? What are the income and Corporation Tax, CGT, IHT, ATED, SDLT or VAT issues? With tips on profit extraction and other planning points, case studies and links to further guidance.
Different Ways of taxing UK property
This guide summarises the different ways of taxing income and gains in respect of the exploitation of UK property.
Incorporation of a partnership: step by step
This guide explains step-by-step how to incorporate a partnership.
S.162 Incorporation Relief
Incorporation Relief is available to individuals. Gains from the disposal of business assets on incorporation can be deferred. What assets are included? How does the relief work?
External link