I bought my first house for £176,000, now my 10 properties will fund my retirement

Most students are preoccupied with nights out and part-time work alongside their studies. Mark Poole was busy plotting how to become a landlord.

‘I was doing a mathematics degree at Bath University and living in a shared house and I remember roughly running the numbers on what our landlord must be earning from us and thinking, hang on a minute, this is quite a nice little learner,’ the Hampshire-based 54-year-old tells Metro.

Mark, a freelance business analyst working in financial services, bought his first property in 2000, as early on in his career as he could manage, a ‘tired’ two-bed flat in Wimbledon, London which cost him £176,000.

‘It sounds like peanuts now for a two-bed in London but back then it felt like a massive sum,’ he says.

‘That was a probate sale and the plan was always to live in it, do it up and at some point, move on and keep it as a buy-to-let.’

‘It took me three years as it needed full refurbishment but having done the property up, I took out a bigger mortgage on it to use as a deposit on the next flat, kept it, let it out, and went and bought another.’

That was a one-bed flat 10 minutes down the road from his first, in Raynes Park, where he repeated the process.

‘Then I had the bug and it went from there.’

More buying and letting

Whether to invest in property or your pension has long been up for fierce debate but for Mark, it was never in question.

After taking the buy it, do it up approach with the first two, Mark changed his strategy and began to buy properties which he ran himself as a ‘traditional landlord’.

Over the next 25 years, he built up a sizeable portfolio of flats and houses, letting them on single leases to young professionals.

Of course, he was helped out by the London property market moving in his favour. In Janurary 2000, the average price of a home in the capital was £139,611. By November 2025, the most recent land registry data available, it was £553,258.

Today he has 10 properties, with the majority between Swindon and London – the M4 corridor.

‘I’ve always liked the idea of buying in clusters because there are certain economies of scale,’ he says.

‘Things like, you get to know one good plumber in an area who can service four or five properties. That’s easier than finding four or five plumbers across four or five different areas.’

When Mark started his journey, he bought properties in his own name – the tax advantages were huge.

What about tax reforms?

But things have changed since then. In 2015, then Chancellor George Osborne announced sweeping reforms to tax on buy-to-let income.

‘It’s cost me a five-figure sum in extra tax for sure,’ he states, but says he hasn’t gone for the limited company route like so many other landlords.

Between 2017 and 2020 valuable tax reliefs were withdrawn. These had allowed landlords to treat mortgage interest payments as an expense that could be offset against rental income.

They only paid tax on the profit. Following their removal, landlords were forced to pay tax on all the income they earned from rent, sending costs through the roof for many.

Consequently, landlords began to purchase buy-to-let properties in limited companies so they could save on tax.

‘When I was buying, limited company buy-to-lets just weren’t a thing,’ he says.

‘So, yes I’ve been stung but I’m now at the point where I’m gradually selling properties to realise the capital wealth that has built up.

‘What I really need is to reduce the amount I’ve still got in outstanding mortgages.’

My plan is to end up with as many properties as I can.

Mark describes his property investments as having three phases – accumulation, consolidation and exit.

‘I’m mid-50s now so I’m really in the exit phase. My plan is to end up with as many properties as I can without any mortgages on them,’ he says.

‘That income will form my pension effectively, which was always the long-term plan for me.’

It’s a tried and tested route for many who have invested in property – but is it still a viable option for younger people today?

‘Yes, I think so,’ says Mark. ‘Things have really come full circle.

‘Buying property to rent out 25 years ago wasn’t that profitable, the rent typically just covered the mortgage cost and maintenance.

‘That’s how it is now too – but property is a long-term capital growth play. I’m talking 10 to 15 years.’

Any regrets?

‘It hasn’t all been a success but overall I’m pleased with how it’s worked out,’ he says.

‘After all, property is the only asset you can invest in where somebody will lend you 75% of the purchase price.

‘You can’t go to a bank and say I want to invest in the stock market, I’ve got £25,000, lend me £75,000’

Do you have a story to share?

Get in touch by emailing MetroLifestyleTeam@Metro.co.uk.

Comments


Add as preferred source