Official Statistics

Property rental income statistics: 2025

Updated 29 August 2025

© Crown copyright 2025

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This publication is available at https://www.gov.uk/government/statistics/property-rental-income-statistics/property-rental-income-statistics-2024

1. Key points

The key points for property rental income statistics are:

  • the total number of unincorporated landlords that declared income from renting property in 2023 to 2024 was 2.86 million

  • 88% of unincorporated landlords claimed some form of expenses

  • property income is concentrated in London. In 2023 to 2024, 17% of unincorporated landlords were based in London, accounting for 27% of property income for unincorporated landlords

2. Overview

This Official Statistics publication includes information on income and expenses from renting property from HM Revenue and Customs’ (HMRC) Income Tax Self Assessment (ITSA) returns data only. Entities that do not submit ITSA returns, such as incorporated businesses with property income or individuals with property income that falls below the threshold for inclusion in ITSA, are therefore not included in this release.

This publication covers taxpayers that receive income from renting property that is declared via ITSA. It does not contain information on tenants, or on income received from buying and selling properties.

This release covers data from the last 5 available tax years, from 2019 to 2020 to 2023 to 2024.

These statistics are subject to revision, with the next release in Summer 2026.

Statistical contacts: K. Secker and A. Li

Media enquiries: HMRC Press Office

The underlying data for all tables and figures in this publication can be found in the Property income statistics tables

3. Income from all UK property

UK property income can be declared on ITSA returns by a variety of different tax entities. The most common type of landlord of UK rental property is private individuals, who account for the majority of rental income declared.

3.1 Table 1: Property income declared in 2023 to 2024 by type of tax entity

Tax Entity No. of tax entities (£ millions) Total income declared (£ billions)
Individuals 2.83 47.62
Partnerships 0.03 7.90
Total 2.86 55.53

The key points from Table 1 are:

  • in 2023 to 2024, 2.86 million unincorporated landlords declared income from renting property

  • of these, 99% were individuals declaring property income as part of their Self Assessment tax return

  • in 2023 to 2024, individuals accounted for £47.62 billion in property income

3.2 Figure 1: Total rental income declared by unincorporated landlords, 2019 to 2020 to 2023 to 2024

Figure 1 demonstrates a drop between 2019 to 2020 and 2020 to 2021, followed by a consistent upwards trend in the 4 years between 2020 to 2021 and 2023 to 2024:

  • overall, total income from UK property increased by £8.02 billion, or 17% between 2019 to 2020 and 2023 to 2024, driven by an increase in both average property income and the number of individuals reporting property income, which increased to 2.86 million in 2023 to 2024 from 2.81 million in 2019 to 2020

  • total property income declared by unincorporated landlords increased in 2023 to 2024, to £55.53 billion, its highest point in the last 5 years, compared with £52.82 billion in 2022 to 2023

  • total property income declared by unincorporated landlords fell from £47.51 billion in 2019 to 2020, to £46.68 billion in 2020 to 2021, the lowest point in the last 5 years

The underlying data for figure 1 can be found in the Property income statistics tables

3.3 Figure 2: Average rental income per landlord declared by unincorporated landlords, 2019 to 2020 to 2023 to 2024

Figure 2 demonstrates a drop between 2019 to 2020 and 2020 to 2021, followed by a consistent upwards upward trend in the 4 years between 2020 to 2021 and 2023 to 2024:

  • overall, average income per landlord from UK property increased by £2,500, or 15% between 2019 to 2020 and 2023 to 2024

  • average property income declared by unincorporated landlords increased in 2023 to 2024, to £19,400, the highest average in the last 5 years, compared with £18,300 in 2022 to 2023

  • average property income declared by unincorporated landlords fell from £16,900 in 2019 to 2020, to £16,600 in 2020 to 2021, the lowest average in the last 5 years

The underlying data for figure 2 can be found in the Property income statistics tables

4. Income from UK furnished holiday lettings

Income from UK furnished holiday lettings is declared on ITSA returns and reported separately from other property income in 2023 to 2024. It represents a small group relative to the overall landlord population size. Note UK furnished holiday lettings only are within scope of this publication. Non-UK furnished holiday lettings are excluded from the numbers provided.

4.1 Table 2: Number of furnished holiday lettings and income declared in 2023 to 2024

No. of tax entities (millions) Total income declared (£ billions)
0.13 2.43

The key points from Table 2 are:

  • in 2023 to 2024, 0.13 million unincorporated landlords declared furnished holiday letting income as part of their Self Assessment tax return

  • in 2023 to 2024, UK furnished holiday lettings accounted for £2.43 billion in property income which is 4% of the UK rental market income

4.2 Figure 3: Total furnished holiday lettings income declared by unincorporated landlords, 2019 to 2020 to 2023 to 2024

Figure 3 demonstrates an upwards trend between 2019 to 2020 and 2023 to 2024:

  • total income from UK furnished holiday lettings increased by 65% between 2019 to 2020 and 2021 to 2022, driven by an increase in both average furnished holiday lettings income and the number of individuals reporting furnished holiday letting income, and then remained stable, decreasing slightly between 2021 to 2022 and 2023 to 2024

  • total income from UK furnished holiday lettings in 2021 to 2022 was £2.51 billion, its highest point in the last 5 years

  • total income from UK furnished holiday lettings in 2023 to 2024 was £2.43 billion, compared with £2.36 billion in 2022 to 2023

The underlying data for figure 3 can be found in the Property income statistics tables

5. Expenses from all UK property

Unincorporated landlords declare allowable expenses to HMRC that are specific to their property business. There are several categories of allowable expenses, which are typically declared separately to one another. Expenses can be declared regardless of whether or not a landlord has also declared income from property.

5.1 Table 3: Allowable expenses declared in 2023 to 2024 by category

Expense Type No. declaring (£ millions) % of landlords declaring Total declared (£ billions)
Rent, rates and insurance 1.91 66.2 3.55
Repairs and maintenance 1.90 66.1 6.20
Residential finance costs 1.17 40.6 9.05
Non-residential finance costs 0.10 3.5 1.35
Legal, management and professional fees 1.78 61.7 3.96
Services, including wages 0.01 0.3 0.64
Other allowable expenses 1.15 40.1 4.32
Total 2.52 87.7 29.08

The key points from Table 3 are:

  • the most common categories of expenses declared against property income are rent, rates and insurance as well as repairs and maintenance, with 66.2% and 66.1% of unincorporated landlords declaring expenses of these types respectively

  • the largest category of expenses by amount declared is residential finance costs, with £9.05 billion being claimed in 2023 to 2024. This accounts for 31% of all expenses claimed against UK property income by unincorporated landlords

  • of the total population of unincorporated landlords, 87.7% declared some form of expenses

5.2 Figure 4: Total property expenses declared by unincorporated landlords, 2019 to 2020 to 2023 to 2024

Figure 4 demonstrates a drop between 2019 to 2020 and 2020 to 2021, followed by a stable upward trend between 2020 to 2021 and 2023 to 2024:

  • overall, total expenses declared by unincorporated landlords increased by 27% between 2019 to 2020 and 2023 to 2024

  • total expenses declared by unincorporated landlords increased by 13% between 2022 to 2023 and 2023 to 2024

  • the highest total allowable expenses from UK property between 2019 to 2020 and 2023 to 2024 was £29.08 billion in 2023 to 2024, and the lowest was £21.62 billion in 2020 to 2021

  • total property expenses declared in 2020 to 2021 was lower than in the previous year and subsequent 3 years, driven by a decrease in both the average allowable property expenses declared, and the number of tax entities declaring property expenses

The underlying data for figure 4 can be found in the Property income statistics tables

5.3 Figure 5: Average property expenses declared per landlord by unincorporated landlords, 2019 to 2020 to 2023 to 2024

Figure 5 demonstrates a drop between 2019 to 2020 and 2020 to 2021, followed by a stable upward trend between 2020 to 2021 and 2023 to 2024:

  • the highest average allowable expenses from UK property between 2019 to 2020 and 2023 to 2024 was £11,500 in 2023 to 2024, and the lowest was £8,600 in 2020 to 2021

  • overall, average expenses declared by unincorporated landlords increased by 27% between 2019 to 2020 and 2023 to 2024

  • average expenses declared by unincorporated landlords increased by 14% between 2022 to 2023 and 2023 to 2024

  • the average allowable expenses from UK property fell from £9,100 in 2019 to 2020, to £8,600 in 2020 to 2021

The underlying data for figure 5 can be found in the Property income statistics tables

6. Regional analysis

Income and Expenses from UK property are broken down by geographical region based on the postcode of the landlord’s registered address. The majority of UK rental property income and expenses are declared by landlords in London and the South East.

This may not be the area where the property is located, which cannot be determined using Self Assessment tax administration data.

6.1 Figure 6: Total property income declared by unincorporated landlords by region of taxpayer address, 2023 to 2024

6.2 Figure 7: Number of unincorporated landlords reporting property income by region of taxpayer address, 2023 to 2024

Figures 6 and 7 show a regional breakdown of property income for 2023 to 2024:

  • in 2023 to 2024, 17% of all unincorporated landlords that declared income from a UK property were based in London. They account for 27% of all income declared from UK property income by unincorporated landlords

  • in 2023 to 2024, 33% of all unincorporated landlords that declared income from a UK property were based in London or the South East combined. They account for 43% of all income declared from UK property income by unincorporated landlords

  • Scotland, Wales, and Northern Ireland accounted for 5%, 3% and 1% of total property income respectively

  • of the regions in England, the North East accounted for the smallest proportion of property income, at 2%

The underlying data for figures 6 and 7 can be found in the Property income statistics tables

6.3 Figure 8: Total property expenses declared by unincorporated landlords by region of taxpayer address, 2023 to 2024

6.4 Figure 9: Number of unincorporated landlords declaring property expenses by region of taxpayer address, 2023 to 2024

Figures 8 and 9 show a regional breakdown of allowable property expenses for 2023 to 2024:

  • in 2023 to 2024, 18% of all unincorporated landlords that declared allowable expenses from a UK property were based in London. They account for 29% of all allowable expenses declared from UK property income by unincorporated landlords

  • in 2023 to 2024, 34% of all unincorporated landlords that declared allowable expenses from a UK property were based in London or the South East combined. They account for 45% of all allowable expenses declared from UK property income by unincorporated landlords

  • Scotland, Wales, and Northern Ireland accounted for 5%, 3% and 1% of total property expenses respectively

  • of the regions in England, the North East accounted for the smallest proportion of property expenses, at 2%

The underlying data for figures 8 and 9 can be found in the Property income statistics tables

7. Distribution of property income

The number of unincorporated landlords declaring UK property income is broken down by income bracket based on the landlord’s income from property. Nearly half of the landlords declared property income of £10,000 or below in 2023 to 2024. The income distribution is based only on property income. Landlords may have other forms of income, which are not included here.

7.1 Figure 10: Number of unincorporated landlords split by property income band, 2023 to 2024

Figure 10 shows a distributional analysis for the UK landlord population in 2023 to 2024:

  • 1.36 million earned £10,000 or below of property income in 2023 to 2024
  • this represents 47% of unincorporated landlords that declared UK property income in 2023 to 2024

The underlying data for figure 10 can be found in the Property income statistics tables

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