First-time landlords also continue to rise in the Northern regions of England according to Fleet Mortgages.

16% of all mortgage applications received from landlord borrowers in Yorkshire & Humberside came from first-time landlords, with the North East following closely at 15%.

The East Midlands led the way in Q1 2025 with 19% of all applications coming from first-time landlords; with the West Midlands, Greater London and the South West, observing the lowest number of applications from first-time landlords, with just 10% of applications.

Steve Cox, Chief Commercial Officer, Fleet Mortgages, said: “These figures reinforce the strength of the private rental sector, with rental yields remaining high, particularly in northern regions. Landlords continue to see value in investing in buy-to-let properties, particularly where demand is strong and returns remain favourable.

“We need to ensure policies support the continued supply of rental homes, rather than discouraging investment. The private rental sector plays a vital role in the housing market, and it is clear many landlords— particularly in high-yield regions— are keen to invest further.”

The North East remains the most affordable rental market with an average monthly rent of £739pcm, and the lowest average loan amounts, at £85k per mortgage.

In comparison, Southern regions, where property prices and loan amounts are higher, recorded lower annual yields: Greater London at 6%, the South East at 6.5% and East Anglia at 6.7%.