Data from HMRC showed rental income was at its highest level in five years.
A total of 2.86 million unincorporated landlords declared rental income, with 2.83 million holding property as individuals reporting £47.6bn in rental income.
Some £7.9bn was generated by partnerships.
On average, landlords in the UK saw their income rise by £2,500 or 15% between 2019-20 and 2023-24.
In 2023-24, this averaged £19,400, which was also the highest in five years and up from £18,300 in 2022-23.
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This week, it was reported that the Chancellor was considering taxing landlords National Insurance on their rental income to bolster public finances.
Income from furnished holiday let
HMRC’s data showed that 130,000 unincorporated landlords declared furnished holiday let income in 2023-24, reporting £2.43bn in income. This accounted for 4% of the UK’s rental income.
Rental income from furnished holiday lets rose from £2.36bn in 2022-23.
Average expenses claimed reaches a high
Landlords declared a total of £29.1bn in expenses, with the most common categories being rent, rates and insurance, as well as repairs and maintenance, which made up 66.2% and 66.1% of landlords declaring expenses of £3.55bn and £6.2bn respectively.
Some 31% of expenses claimed were for residential finance costs, totalling £9.1bn, which was the largest amount claimed.
Around 88% of landlords declared expenses during the period.
The average expenses declared rose 14% between 2022-23 and 2023-24 to £11,500, the highest average claimed.
