The number of unincorporated landlords declaring income from rental properties reached 2.86 million in the 2023–24 tax year, up from 2.81 million in 2019–20, according to new figures from HM Revenue & Customs (HMRC).
The latest Property Rental Income Statistics: 2025 report reveals that total UK property income surged by £8.02 billion, or 17%, over the same period. HMRC attributed the increase to both a rise in average rental earnings and a higher number of individuals reporting property income.
Rental income reported by unincorporated landlords climbed to £55.53 billion in 2023–24, marking its highest level in five years. That compares with £52.82 billion in 2022–23.
The data also highlights London’s dominant role in the rental market. Although just 17% of unincorporated landlords were based in the capital, they accounted for 27% of declared property income in 2023–24.
The statistics, which are based on Income Tax Self Assessment returns, cover rental income declared by landlords but exclude tenant information and profits from property sales.
The publication comes as the Treasury is reportedly weighing further tax measures on landlords. As reported this week by Mortgage Strategy, officials are considering imposing National Insurance contributions on rental income ahead of the Chancellor’s autumn budget.