Yorkshire and Humber landlords see rental income rise at double national rate

Landlords in Yorkshire and Humber have seen their rental portfolio increase increase by 16.4 per cent in the past year – almost double the national average.

New research from London lettings and estate agent, Benham and Reeves, has compared the average rental portfolio income, based on portfolio size and rent values, in Q1 2022 with that in Q1 2023.

There was a 16.4 per cent increase in Yorkshire & Humber – up from £70,999 to £82,656.

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Landlords in England and Wales have seen their rental portfolio income increase by 8.7 per cent in the past year from £67,304 to £73,186.

Landlords in Yorkshire are seeing improved returnsLandlords in Yorkshire are seeing improved returns
Landlords in Yorkshire are seeing improved returns

Landlords in the East of England recorded the strongest portfolio income increase of 32.7 per cent. That was due to a huge increase in portfolio size, rising from 6.4 properties to 9.2 in the past year.

Portfolio income then increased most quickly in the South East (27.8 per cent), followed by Yorkshire & Humber, and then the South West (15.5 per cent), North West (5.5 per cent), and North East (0.6 per cent).

However, there were income decreases in Wales, the East Midlands and the West Midlands.

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Director of Benham and Reeves Marc von Grundherr said: “Some landlords have seen their potential profits hit hard by crass government policy making and increasing mortgage rates and this has led to many reducing the size of their portfolios, which has further reduced the annual income generated via buy-to-let portfolios. .

“But we would suggest landlords think twice before offloading because, as we’re seeing across much of the country, rent values are increasing at quite a rate and have hit all time highs across the capital, in particular. This has been more than enough to offset other increased costs, such as a spike in mortgage rates.

“With mortgage rates very unlikely to sink back to the incredible lows the nation has enjoyed in recent years, rental demand is only going to grow stronger, meaning that rental values should remain consistently strong.”