Property buyers who act as landlords have received some welcome news from BM Solutions, the buy-to-let brand of Lloyds TSB. According to the company’s research, buy-to-let investors saw average gross rental yields rise by 6.2 per cent in June. The highest gains were seen in the north of England at seven per cent, while the lowest were in London, which saw yields edge up by 4.8 per cent.
However, tenants in London still pay the highest average rent by far – £1,287 per month, or 75 per cent above the national average. The lowest average rents are in the north of England, Yorkshire and the Humber, and Wales.
“Whilst rental yields have remained steady over the past year, it should be noted that these figures do not take into account the time when properties are vacant – which can impact the average yields,” said Phil Rickards of BM Solutions. “Despite the encouraging figures, it’s still really important for any potential investors in the market to do their homework and seek expert advice first.”