The total property income declared by unincorporated landlords fell slightly in 2022 to 2023, from £47.44bn, compared with £49.4bn in 2021 to 2022.
This is according to the latest figures from the Office for National Statistics which covers data from the last five available tax years, from 2018 to 2019 to 2022 to 2023.
The ONS also reveals that total income from UK property increased by £1.34 billion, or 3% in the five years between 2018 to 2019 and 2022 to 2023, driven by an increase in both average property income and the number of individuals reporting property income, which increased to 2.84 million in 2022 to 2023 from 2.77 million in 2018 to 2019.
Average income from UK property remained relatively stable at around £16,800 between 2018 to 2019 and 2022 to 2023. Comparatively, over the five-year period between 2018 to 2019 and 2022 to 2023, the lowest average annual UK property income was £16,600 in 2020 to 2021, and the highest was £17,300 in 2021 to 2022
The latest data also shows that property income remains concentrated in London. In 2022 to 2023, 17% of unincorporated landlords were based in London, accounting for 24% of property income for unincorporated landlords.