Another week, another survey telling the world landlords are miserable. This one has a twist, though, and it's worth reading past the headline.
What does the new survey say?
Pegasus Insight, working with the National Residential Landlords Association (NRLA), compared what landlords told it this autumn with what they said back in 2011. Just 23% now feel confident about the prospects for their own letting business, down from 63%. Only 25% feel positive about being a landlord, down from 77%.
So are landlords losing money?
No. That's the twist. Some 85% of landlords report making a profit, up from 82% in 2011. The share hit by rent arrears has fallen from 50% to 28%. Average rental yields are 6.4%, against 6.7% in 2011.
The cold hard facts, then: the business is working. The mood isn't.
Why is confidence so low?
Policy fatigue. 89% say being a landlord has got harder, up from 66%. Just 2% think landlords are respected. Pegasus director Bethan Cooke points to the 2015 restriction on mortgage interest tax relief as the turning point, with every tax and rule change since reinforcing the feeling that "the pressure only moves in one direction". The new property income tax rates from April 2027 won't have helped.
Who are today's landlords?
Older and less borrowed. The average landlord is now 63, up from 56. The average portfolio has shrunk from 11.8 homes to eight, and 43% now own their whole portfolio outright, up from 25%. Almost a quarter (24%) hold at least one property in a limited company.
Are landlords still buying?
Some are. A separate Landbay survey of more than 2,000 landlords found 34% plan to buy at least one more rental property in the next 12 months.
What does it mean for landlords in Clapham, Brixton and Dulwich?
London yields are generally thinner than the national 6.4%, because prices are higher. A typical gross yield on a two-bed flat round here (SW4/SW9) is about 5.5%. But demand for well-run flats near the Northern and Victoria lines hasn't gone anywhere. The landlords who do well round here are the ones who run it like a business: compliant, well maintained, priced right.
My take
You see, here's the thing. Feelings aren't figures. If you're one of the 85% in profit, the question isn't "am I fed up?" (and who isn't, from time to time). It's "does this flat still earn its keep compared with the alternatives?"
Do the numbercrunch properly: rent, less costs, less interest, less tax. If it works, hold. If it doesn't, sell with a plan, not in a panic. And if you're an investor with cash, the Landbay figures suggest you won't be alone in buying while others are moaning.
So there you have it. DOOM and GLOOM in the headlines, profit in the spreadsheets.
FAQ: are landlords still making money?
Are most landlords profitable in 2026?
Yes, according to Pegasus Insight: 85% report making a profit, up from 82% in 2011.
What is the average rental yield?
6.4% in the Pegasus Insight research, against 6.7% in 2011. London yields are usually lower. A typical gross yield on a two-bed flat round here (SW4/SW9) is about 5.5%.
Are fewer tenants falling behind with rent?
In this research, yes. 28% of landlords experienced arrears, down from 50% in 2011.
Who carried out the research?
Pegasus Insight, with the NRLA: 585 online interviews with NRLA members between 20 September and 10 October 2026.
About me
I'm Jeroen Hoppe, an independent property specialist powered by eXp UK, with more than 20 years in property. I started at Ludlow Thompson (now Foxtons in South London), became a branch manager in under two years and won Manager of the Year two years after that. In 2011 I set up my own agency in Clapham and sold it to a local competitor in 2016. Since then I've worked in property development and investment as well as agency, and I manage nearly 50 homes for landlords across long-term and short-term lets. I've been with eXp UK since mid-2023.
Are you a landlord in Clapham, Brixton or Dulwich who is fed up but still in profit, or have the numbers stopped working for you? I'd genuinely like to hear how it's playing out on your street. Drop me a line at jeroen@claphampropertyblog.com or call 07837 093554.
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07837 093 554
Sources: Pegasus Insight Landlord Trends research reported by Property Reporter, Landlord confidence slumps despite resilient profits (4 November 2026), https://www.propertyreporter.co.uk/landlord-confidence-slumps-despite-resilient-profits.html ; Property Industry Eye (4 November 2026) ; Landbay Q3 2026 landlord survey reported by Property Reporter, More than a third of landlords plan further BTL investment (3 November 2026) ; Property Reporter weekly round-up (7 November 2026).
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