Darlington, England – A self-made landlord is selling his entire portfolio of 70 properties after 33 years in the business, citing unsustainable financial pressures stemming from government policies and increasing costs.

Property Tycoon Forced to Sell

Paul Million, 54, a former Royal Navy serviceman, built his property empire from the ground up, managing approximately 300 tenants and prioritizing their needs. He is now liquidating his holdings in Darlington, England, due to a challenging regulatory environment.

Government Policies and Rising Costs

A combination of factors, including tax increases, rising interest rates, and complex regulations, have made Mr. Million’s business unsustainable. He specifically expressed concerns about the potential impact of the Renters’ Rights Act and new Energy Performance Certificate (EPC) rules.

A Growing Trend

Mr. Million’s story reflects a broader trend of landlords feeling pressured to leave the rental market. He believes there has been a shift in the balance of power towards tenants, leaving landlords feeling unsupported. The removal of full mortgage interest tax relief and recent mortgage rate hikes have significantly impacted his finances.

Financing Challenges

Initially, Mr. Million financed his property acquisitions by purchasing and renovating dilapidated homes, then refinancing with buy-to-let mortgages. This system, which provided both housing and income, is now threatened by the changing regulatory landscape.

Industry Data Supports Concerns

Industry data corroborates Mr. Million’s concerns. Savills analysis projects a 5.1% decline in property value in 2025. Hamptons reports a 25.4% decrease in available rental homes between February 2016 and February 2026. Pepper Money estimates a potential loss of 220,000 rental homes by the end of 2026.

Future Plans

As a single father of three, Mr. Million plans to sell his assets and purchase a small boat, with the goal of sailing around the world. This represents a significant life change after three decades dedicated to building his property business.