England’s landlords are still small-scale and getting older – Propertymark

England’s landlords remain overwhelmingly small-scale – with just under half owning one rental property – and older, an analysis from Propertymark reveals.

Reviewing the English Private Landlord Survey 2024 alongside the latest English Housing Survey findings, the organisation said the make-up of the PRS has barely changed.

It also found that 38% of landlords hold between two and four properties.

Also, fewer than one in five landlords have five or more properties, even though that group accounts for nearly half of all tenancies.

Landlords are committed

The organisation’s chief executive, Nathan Emerson, said: “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.”

He added: “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.”

Landlords getting older

The median landlord age is 59, with nearly two-thirds aged 55 or above, which is largely unchanged from the previous survey.

It also reinforces a sector that is underpinned by later-life investors rather than institutional operators.

Propertymark said this consistency points to a market sustained by long-standing individuals using property to support retirement planning or supplement income.

While that has helped preserve supply, it also creates fragility.

Older owners with limited holdings may struggle to absorb higher taxes, regulatory complexity and the cost of capital works, which could lead to an unplanned exit.

With almost half of landlords relying on a single property, Propertymark warns that policy choices need to reflect the realities of being a landlord.

Measures that add cost or administration without clarity or support risk hitting this group hardest, with knock-on effects for availability and tenant choice.

It says that a stable framework that backs responsible ownership, promotes professional advice and offers certainty around future rules was described as critical.

Minority will boost EPC

Among landlords with homes rated EPC D or below, only a minority said they intended to improve energy performance.

Cost pressures were highlighted as the dominant obstacle, particularly for smaller landlords facing higher borrowing expenses.

There are also issues with higher taxation and restrictions on mortgage interest relief, all of which squeeze reinvestment budgets.

Propertymark said many landlords are reluctant to spend on EPC improvements without clear timelines, firm requirements and defined exemptions.

Practical issues, including disruption to tenants, difficulties securing reliable contractors and doubts over whether spending can be recovered through rent, continue to dampen appetite for works.

By comparing results from 2024 and 2021, the organisation says the core demographic has remained stable and awareness gaps around tax and standards persist.

However, policymakers should acknowledge the central role smaller landlords play in sustaining rental supply when shaping future tax and compliance regimes.