Over one in five landlords (21%) now operate at least part of their portfolio through a limited company, according to analysis by Pegasus Insight.

The group’s latest Landlord Trends Q4 2025 report also revealed that landlords using limited company structures control more than three times as many properties as those holding stock in their own name.

Figures showed that limited company landlords hold an average of 15.9 properties, compared with 4.9 among individual landlords.

They are also more reliant on buy-to-let (BTL) borrowing – with 69% of limited company landlords relying on BTL mortgage finance compared to 57% of those holding property in their own name – which Pegasus said reflects the more capital-intensive and leveraged nature of their portfolios.

Taken together, Pegasus suggested the data indicates that landlords operating through limited companies “increasingly resemble small-scale property businesses”, rather than traditional private investors.

“This isn’t about a sudden surge into incorporation, but about a steady structural divergence,” commented managing director and founder of Pegasus Insight, Mark Long. “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 private rental sector 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.”

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