Landlords are expanding their property portfolios as rental yields increase, according to data from Fleet Mortgages. The average number of investment properties owned by its borrowers rose from 16 in Q2 to 18 in Q3 2026, compared to 12 in Q3 2025.
Across England and Wales, average annual rental yields reached 7.9% in Q3 2026. Regional variations were observed, with Yorkshire & Humberside topping the regional yield table at 9.3%, an increase from 8.7% in Q2. The North East followed at 9.2%, while the North West, East Midlands, and West Midlands all maintained average yields above 8%.
Greater London recorded the lowest average yield at 6.4%, but had the highest average monthly rent at £2,597, an almost 10% rise from Q2. In contrast, the North East had the lowest average monthly rent at £792.
Applications from landlords with 15 or more buy-to-let properties accounted for 30% of submissions to Fleet Mortgages during Q3, up from 26% in Q2. Applications from landlords owning four or more properties made up 66% of the total. The proportion of applications from landlords with one to three properties decreased from 29% in Q2 to 24%, while first-time landlord applications saw a slight increase from 9% to 10%.