Average Fleet borrower portfolio reaches 18 properties

Fleet Mortgages reports average rental yields of 7.9% across England and Wales in Q3 2026. That compares with 7.5% a year earlier: an increase of 0.4 percentage points.

Its borrowers also held larger portfolios, averaging 18 investment properties. That’s up from 16 last quarter and 12 a year earlier.

Note: This is internal fleet data, so it's like a self-selecting questionnaire of specialist landlords. These are not your vanilla BM or TMW landlords. Insightful and interesting, but overall market averages will differ.

Regional yields varied considerably:

• Yorkshire & Humberside: 9.3%, up from 8.2% a year earlier.
• North East: 9.2%, up from 9.0%.
• East Midlands: 8.4%, up from 7.5%.
• Greater London: 6.4%, up from 5.9%.

Only the North West and Wales recorded annual falls. Their yields dropped to 8.3% and 7.5%, respectively.

Larger landlords accounted for a substantial share of Fleet’s applications. Those owning at least four properties submitted 66% of applications. Those owning 15 or more submitted 30%, versus 23% a year earlier.

However, purchases represented 34% of Fleet’s business, down from 36% last quarter. Larger average portfolios therefore don’t necessarily mean faster buying across the market.

The headline yield also isn’t enough to judge what landlords actually keep. Mortgage interest, repairs, insurance, agent fees and empty periods all affect returns.

Fleet’s figures show stronger yields alongside a shift towards larger borrowers. Whether that translates into better cash flow is another question.

Research URLs used

• https://www.fleetmortgages.co.uk/news/fleet-mortgages-rental-barometer-q3-2026-average-landlord-portfolio-grows-to-18-properties-as-rental-yield-rises-to-7-9-in-england-wales/
• https://www.fleetmortgages.co.uk/broker-resources/
• https://www.natwest.com/mortgages/buy-to-let/buy-to-let-mortgage-guide/why-rental-yield-is-so-important.html