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Category: property market
Lomond, a leading lettings agency, has released data showing which regions in the UK offer the best rental yields for buy to let investors.
According to the data, the average yield for buy to let properties across the United Kingdom as a whole is 4.5 per cent. This is an increase of 0.5 per cent from March 2023.
These statistics may help inform investment decisions for those property investors looking to buy.
The average rental yield for England in March 2024 was 4.2 per cent. The variance region by region is set out below.
Regions with best yields
Scotland
Scotland had the strongest yield as of March 2024. The average property cost £204,223 and the average asking rent was £915. Consequently, the average rental yield for Scotland stands at 5.4 per cent.
Interestingly, yield stayed unchanged for Scotland when compared to March 2023 – while both average house price and rent increased, they increased in equal proportion.
North East
The North East of England had the second strongest yield for the same period. The average property cost £178,926 while the average asking rent was £721. This meant that for the North East, the average rental yield was 4.8 per cent.
When compared to March 2023, rental yield increased by 0.5 percentage points, from a yield of 4.3 per cent.
North West
The North West of England was the third strongest region in terms of rental yield. The average property cost £236.264 while the average asking rent was £913. This means the average rental yield of the North West for March 2024 was 4.6 per cent.
The rest of the country
South East
Yields in the South East were lower than other regions. The average asking price was £452,579 while the average asking rent for the region was £1,430. Consequently, the average yield for the region was 3.8 per cent.
Despite these figures not being as strong as elsewhere in the country, rental yields for the South East still rose by 0.3 percentage points when compared to March 2023.
West Midlands
The West Midlands region also had lower yields than elsewhere. The average asking price for the region stood at £292,184 while the average asking rent was £955. This means the rental yield for the West Midlands was 3.9 per cent.
Commercial Trust has access to over 80 buy to let lenders
Commercial Trust is a leading specialist mortgage broker, not only offering access to a wide span of buy to let lenders, but professional mortgage advisors who will match you to the most cost effective solution possible, and an account management team, who will drive your application through to completion as quickly as possible.
If you’re purchasing a property or remortgaging within three to six months, get in contact now and review your options with an expert advisor.
