Landlords using limited company structures control an average of more than three times as many properties as those holding stock in their own name, Pegasus Insight latest landlord trends data reveals.
Data from Q4 2025 found that more than one in five landlords now operate at least part of their portfolio through a limited company.
It shows that they are also more reliant on buy-to-let borrowing, reflecting the more capital-intensive and leveraged nature of their portfolios.
Limited company landlords are twice as likely to own houses in multiple occupation (HMOs), with 35% holding at least one HMO compared with 17% of individual landlords.
They are also more commercially engaged as 27% operate as full- or part-time landlords, compared to 14% among those holding property personally.
Behavioural differences are also increasingly evident with the latest data showing that three quarters of limited company landlords increased rents in the past year, compared with 61% of individual landlords.
Taken together, Pegasus says the data suggests that landlords operating through limited companies increasingly resemble small-scale property businesses rather than traditional private investors.
Pegasus Insight managing director and founder Mark Long says: “This isn’t about a sudden surge into incorporation, but about a steady structural divergence. Limited company landlords are operating at a different scale, with different funding models and different levels of engagement in the market.”
“They tend to run larger, more leveraged and often more complex portfolios, which naturally creates a different risk profile and a different set of support needs.”
“For lenders and policymakers, this is important, as it shows the PRS is no longer a single, uniform market. Ownership structure is becoming an increasingly important lens through which to understand landlord behaviour, resilience and even future supply.”
