Ex-Navy Landlord Sells 70 Buy-to-Lets for Boat

TL;DR

Paul Million Sells: Former Royal Navy man Paul Million is selling his 70 buy-to-let properties in Darlington after 33 years.[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)
Profits Halved: His annual post-tax profits fell two-thirds from £132,000 to £43,000 due to tax hikes and higher rates.[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)
Landlords Exit Market: Policies like Renters’ Rights Act push responsible landlords out, risking rental supply drop and rent rises.[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)

The story at a glance

Paul Million, a 54-year-old former Royal Navy serviceman and landlord, is selling his entire portfolio of 70 buy-to-let properties worth £8 million, which house 300 tenants in Darlington, north-east England. He blames a mix of tax changes, higher mortgage rates, and new regulations like the Renters’ Rights Act for making the business unsustainable after 33 years. The article is reported now amid a broader landlord exodus, with rental stock down 25% since 2016 and forecasts of 220,000 fewer homes by end-2026.[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)

Key points

Portfolio includes mainly terraced houses worth £100,000 each (mortgages £65,000–£70,000) and 22 houses in multiple occupation (HMOs); rents £625/month for terraced houses.
Annual profits dropped from £132,000 to £43,000 post-tax; tax bill rose from £30,000 to £80,000 after mortgage interest relief changes since 2020.[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)
Buy-to-let mortgage rates up from 2% to 5.75%; boiler replacements now cost £2,500 vs £1,000; all his mortgages interest-only.
Renters’ Rights Act (May 1) bans no-fault evictions, ends fixed-term tenancies, limits upfront rent to one month.
EPC rules mandate C rating by 2030, with upgrades capped at £10,000 per property under Warm Homes Plan; from April 2027, landlords taxed 2% above income tax rates.
UK private rented sector value fell 5.1% (£48 billion) in 2025 (Savills); rental homes down 25.4% from 2016-2026 (Hamptons).[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)

Details and context

Paul built his portfolio from scratch by buying rundown homes, renovating with development finance, refinancing into buy-to-lets, and recycling equity; he knows all 300 tenants personally and fixes issues quickly.[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)

New rules have blocked further borrowing for projects, leaving slim profits after sales; he feels "worn down and derided" emotionally, as a single father who sacrificed family time.[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)

Experts note landlords lack tenancy control under reforms, so 7 in 10 HMO owners plan rent hikes in 2026 (COHO); this could remove 220,000 homes (5% of stock) by end-2026 (Pepper Money).[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)

Key quotes

Paul Million: "I was a proud landlord, getting on with tenants, working hard and providing homes... But after more than 30 years in this game, I just feel worn down... After the sale, I won’t have much left over... I plan to buy a boat. I’ll only be able to afford a cheap one and I hope to just sail around the world."[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)

Vann Vogstad, COHO CEO: "Without fixed-term contracts, landlords have no control over when a tenancy ends, so annual rent increases become their only lever. Expect almost all of them to use it."[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)

Why it matters

Anti-landlord policies risk driving out small-scale operators, shrinking rental supply across the UK and worsening housing shortages. Tenants like Paul’s 300 could face relocations, fewer options, and steady rent hikes as remaining landlords pass on costs. Watch if more portfolios like his sell in 2026, especially post-Renters’ Rights Act, though larger corporate landlords may absorb some supply.

What changed

Before, Paul’s buy-to-let profits were £132,000 post-tax annually with full mortgage interest relief and low 2% rates. Now profits are £43,000 after relief cut to 20% credit, 5.75% rates, and added regulations like EPC mandates. These shifts built up over 2020-2026, prompting his full exit.

FAQ

Q: Why is Paul Million selling his properties?

A: He cites tax hikes like lost mortgage interest relief, rising rates from 2% to 5.75%, EPC upgrade costs, and Renters’ Rights Act changes that end fixed tenancies and no-fault evictions. These have cut his profits two-thirds and blocked new borrowing. Emotionally, he feels worn down after 33 years.[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)

Q: What will happen to Paul’s tenants?

A: His 300 tenants risk some properties not being repurchased by other landlords, forcing moves. Reforms may lead to annual rent rises as landlords lose other levers. He has provided good homes but supply cuts could hit choice.[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)

Q: How has the rental market changed recently?

A: Rental homes fell 25.4% from 2016-2026; sector value dropped 5.1% (£48bn) in 2025. Up to 220,000 homes (5% stock) may go by end-2026 due to landlord exits. Costs like boilers doubled, pushing sales.[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)

Q: What are the upcoming landlord tax and regulation changes?

A: From April 2027, landlords face 2% extra tax above income rates (basic: 22% vs 20%). EPC C minimum by 2030 with £10,000 cap. Renters’ Rights Act starts May 1, banning bidding wars and multi-month upfront rent.[[1]](https://www.thisismoney.co.uk/money/buytolet/article-15752301/Im-selling-70-buy-lets-buying-boat-Former-Royal-Navy-man-says-landlords-forced-rental-market.html)