The profile of private landlords in England has remained largely unchanged with the sector still dominated by older, small-scale investors. But awareness of tax changes and upcoming standards is lagging behind, according to new analysis from Propertymark.
Drawing on the English Private Landlord Survey 2024 and headline findings from the English Housing Survey 2024–25, Propertymark found that 45% of landlords own just one rental property, while a further 38% own between two and four. Only 17% own five or more properties, despite this group accounting for almost half of all tenancies.
Meanwhile the median age of individual landlords is 59, with almost two-thirds aged 55 or over – a figure little changed from previous surveys.
Propertymark says this reflects a market sustained by long-standing landlords, often using property as part of retirement or supplementary income, rather than large-scale commercial investors.
LANDLORD VULNERABILITY
While this stability has helped maintain rental supply, Propertymark warns it also creates vulnerability.
Smaller, older landlords may be less able to absorb rising taxes, regulatory complexity and the cost of property upgrades, increasing the risk of landlords leaving the sector over time.
Tax and regulation remain key pressure points. Although most landlords were aware of high-profile reforms such as changes to eviction rules and tenant pet rights, just over half said they were aware of tax-related changes, including capital gains tax adjustments and changes to landlord tax relief.
Awareness of forthcoming standards, such as the Decent Homes Standard for the private rented sector, was even lower.
INADVERTENT NON-COMPLIANCE
Propertymark says uneven awareness raises the risk of inadvertent non-compliance, particularly as landlords continue to navigate the phased removal of mortgage interest relief, evolving reporting requirements and increased enforcement activity by HMRC.
Investment in property standards also remains muted. Among landlords with homes rated EPC D or below, only a minority plan to improve energy efficiency.
Cost, regulatory uncertainty and doubts over whether investment can be recouped through rents were cited as major barriers, particularly for smaller landlords with limited capital.
The industry body argues that professional, regulated letting agents play a crucial role in helping landlords keep pace with tax and regulatory change, and says progress on the Regulation of Property Agents (RoPA) would support compliance, standards and sector stability.
STABLE BUT UNCERTAIN
Nathan Emerson (main picture, inset), Chief Executive of Propertymark, says: “These figures show a private rented sector that’s stable in profile but still navigating uncertainty on tax and standards.
“Many landlords are committed to their properties and tenants, yet awareness gaps around legislative change signal a need for clearer guidance and engagement, and the use of regulated and professional agents.
“As debates on rental standards and tax policy continue, it’s vital to ensure that reforms recognise the diversity and motivations of landlords, particularly smaller investors who make up the backbone of the private rented sector.”
