The Bottom Line Private Renting: Who Wants to Be a Landlord?
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Feb 12, 2026 Polly Simpson, head of multi-family development at Savills, sources institutional capital for large-scale rental schemes. Andy Graham, portfolio landlord and HMO specialist, runs the HMO Podcast and manages shared homes. They discuss the rise of institutional build-to-rent, how HMOs work and their returns, regulatory and tax pressures on small landlords, and whether legal changes will shrink private rented supply.
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Accidental Landlord Stuck Renting
- Ashley Winston became an accidental landlord after buying a two-bed flat in 2003 and later renting it out when the family needed more space.
- Thirteen years later they still rent elsewhere and continue to own that flat while weighing whether to sell.
From First Buy To HMO Portfolio
- Andy Graham started investing in 2009–10 and converted his first buy into a student HMO to generate higher yields.
- He built a portfolio over time using savings, a small loan and mortgages while learning on-site from his uncle the builder.
How Institutional Build-To-Rent Works
- Polly Simpson sources institutional capital to fund large build-to-rent projects like 360 apartments in Dagenham.
- Fund managers such as Goodstone invest on behalf of pension funds and then operate and manage the assets for rental income.