The declared expenses of individual landlords and partnerships in the UK saw an 11% increase in a year, according to new figures from HMRC. Allowable property expenses reached £34.75 billion in 2024/25.
During the same period, total property income for these landlords was £58.99 billion, which was virtually unchanged from £59 billion in the previous tax year. Average expenses per landlord rose by 12% to £13,700, while average property income per landlord increased slightly from £20,300 to £20,500.
Over a longer term, between 2020/21 and 2024/25, declared expenses climbed by 56%, significantly outpacing the 26% increase in property income. Residential finance costs represented the largest expense category, totalling £12.82 billion, or 37% of all claims.
Repairs and maintenance formed the second largest expense at £6.41 billion. Approximately 2.54 million landlords, or 87.7% of those covered by the statistics, claimed at least one form of property expense.