Landlord returns improved again in the second quarter of 2026, even as house price growth stayed subdued and mortgage rates moved higher. Paragon Bank's latest buy-to-let lending data puts the average gross yield at 7.02%, up from 6.96% at the end of the first quarter and 5.84% in 2021. Alongside a RICS survey showing rents are still expected to rise by around 3% over the next year, that makes this an autumn in which income, rather than capital growth, is doing the work for UK landlords.
1. The national picture: yields back above 7%
Paragon Bank's Q2 2026 Buy-to-Let Yields report, published in July, recorded an average gross yield of 7.02% at the end of June. The quarterly move is small, but the direction of travel since 2021 is what matters. Louisa Sedgwick, managing director of mortgages at Paragon, attributed it to sustained tenant demand alongside more subdued house price growth in parts of the market. That combination lifts yield mechanically: when rents hold firm and prices flatten, the income earned per pound invested rises.
2. Where the yield actually is
- Wales: 8.87% - the highest regional yield in Paragon's table
- Scotland and the North East: 7.97% each, with Scotland up 0.53 percentage points in the quarter, the biggest regional improvement
- Yorkshire and the Humber: 7.58%; West Midlands: 7.24%
- Greater London: 5.58%, down 0.16 percentage points and bottom of the table, followed by the South East at 6.48%
The London figure needs one caveat. A 5.58% gross yield on a higher-value asset can still produce a larger cash rent than a 9% yield on a cheaper one, and London retains the deepest tenant and buyer pools in the country. Low percentage yields in the capital are a function of price, not of weak demand.
3. Property type: complexity is paid for
- Houses in multiple occupation (HMOs): 8.90%, up 0.14 percentage points - the highest-yielding type
- Multi-unit blocks: 7.18%
- Flats: 6.45%; terraced houses: 6.31%
HMOs carry heavier management, licensing and compliance work, but the income gap over a standard single let is around two and a half percentage points. Energy performance is also now a pricing issue, not merely a compliance one: Paragon reported that EPC A-C properties made up 56.4% of its buy-to-let lending in the first half of 2026.
4. Rents: demand still leads supply
The RICS UK Residential Market Survey for August 2026, published on 10 September, found the tenant demand net balance at +18% while landlord instructions remained negative at -14%. A net balance of +44% of respondents expect rents to rise over the next three months, up from +33% in July, and surveyors expect UK rents to increase by around 3% over the coming twelve months. The official figures agree on the direction: the ONS Price Index of Private Rents, released on 16 September, put the average UK private rent at GBP 1,400 a month in August, up 3.8% year on year and the fastest annual rate since December 2025. England averaged GBP 1,459 (up 4.0%), with the North East and North West highest at 5.8% and the South East lowest at 3.0%.
5. Why competition for tenants is not going away
The Moneyfacts average new mortgage rate has risen to 5.62%, up 0.72 percentage points since the start of March 2026 when it stood at 4.90%, and six major lenders raised rates in September. Higher financing costs keep some would-be first-time buyers in rented homes for longer, which supports tenant demand. Tenant incomes are rising too, but more slowly: Goodlord's latest index data shows average tenant salaries at GBP 29,883 in August, up 0.8% from GBP 29,637 in July, with the average tenant age at 32. That gap between rent growth and income growth is the practical ceiling on any single rent increase.
The bottom line for landlords
A national gross yield above 7%, rents still rising faster than inflation in most regions, and a survey of chartered surveyors expecting a further 3% over the next year is a favourable combination. The returns, however, are selective rather than uniform, and three practical points follow. First, re-underwrite every property against today's refinance rate rather than the rate you bought it on. Second, treat energy performance and compliance as inputs to mortgage pricing and value, not costs to defer. Third, test any rent uplift against local tenant income: the supply data says there is room to move, but affordability, not appetite, sets the limit.
Sources: Paragon Bank Q2 2026 Buy-to-Let Yields report; RICS UK Residential Market Survey, August 2026; ONS Price Index of Private Rents, September 2026 release; Moneyfacts average new mortgage rate; Goodlord Rental Index.
2026 年第二季度，房东的回报再次走高，而房价涨幅依然平淡、按揭利率却在上升。Paragon 银行最新的出租贷款数据显示，平均毛收益率达到 7.02%，高于第一季末的 6.96%，也远高于 2021 年的 5.84%。同时，RICS 的调查显示未来一年英国租金预计仍将上涨约 3%。这意味着这个秋天，真正为英国房东创造回报的是租金收入，而不是资本增值。
1. 全国概况：毛收益率重回 7% 以上
Paragon 银行于 7 月发布的《2026 年第二季度出租收益率报告》显示，6 月底平均毛收益率为 7.02%。这一季度变化幅度不大，但自 2021 年以来的走势才是关键。Paragon 按揭业务董事总经理 Louisa Sedgwick 将其归因于租客需求持续坚挺，同时部分市场房价涨幅趋缓。当租金稳住而房价走平，每投入一英镑所获得的收入自然上升，收益率也就被机械地推高。
2. 收益究竟在哪里
- 威尔士：8.87%，为 Paragon 区域表中最高的收益率
- 苏格兰与东北部：均为 7.97%；其中苏格兰本季上升 0.53 个百分点，为区域中改善幅度最大
- 约克郡与亨伯：7.58%；西米德兰兹：7.24%
- 大伦敦：5.58%，本季下降 0.16 个百分点，位列末位；东南部以 6.48% 紧随其后
伦敦的数据需要加一点说明：在价值更高的资产上，5.58% 的毛收益率带来的现金租金，往往仍高于便宜资产上 9% 的收益率；而伦敦的租客池与买家池依旧是全国最深的。伦敦收益率百分比偏低，是房价的结果，而不是需求疲软的表现。
3. 物业类型：复杂度是有回报的
- 合租房（HMO）：8.90%，本季上升 0.14 个百分点，为收益率最高的类型
- 多单元楼（multi-unit block）：7.18%
- 公寓：6.45%；排屋：6.31%
HMO 的管理、牌照与合规工作量更重，但相比标准单一租约，收入差距约为 2.5 个百分点。能源表现也已成为定价因素，而不只是合规要求：Paragon 表示，2026 年上半年其出租贷款中，EPC 评级 A-C 的物业占 56.4%。
4. 租金：需求仍然领先于供给
RICS 于 9 月 10 日发布的《2026 年 8 月英国住宅市场调查》显示，租客需求净值为 +18%，而房东放盘（landlord instructions）仍为负值 -14%。有 +44% 的受访者预期未来三个月租金上涨，高于 7 月的 +33%；测量师预计英国租金在未来十二个月将上涨约 3%。官方数据方向一致：9 月 16 日公布的 ONS 私人租金指数显示，8 月英国平均私人租金为每月 1,400 英镑，同比上涨 3.8%，为 2025 年 12 月以来最快的年度涨幅。英格兰平均为 1,459 英镑（上涨 4.0%），其中东北部与西北部最高，为 5.8%，东南部最低，为 3.0%。
5. 为什么争抢租客的局面不会消失
Moneyfacts 的平均新增按揭利率已升至 5.62%，自 2026 年 3 月初的 4.90% 上升了 0.72 个百分点，9 月已有六家主要贷款机构上调利率。融资成本上升，使部分潜在首次购房者更长时间留在租赁市场，从而支撑租客需求。租客收入也在增长，但速度更慢：Goodlord 最新指数数据显示，8 月租客平均年薪为 29,883 英镑，较 7 月的 29,637 英镑上涨 0.8%，租客平均年龄为 32 岁。租金涨幅与收入涨幅之间的这一差距，就是单次涨租的现实上限。
对房东的结论
全国毛收益率超过 7%、多数地区租金涨幅仍高于通胀、特许测量师预计未来一年再涨约 3%——这是一个有利的组合。但回报是选择性的，而不是普遍性的，由此有三点实务建议。第一，用今天的再融资利率（而不是当初买房的利率）重新测算每一套物业。第二，把能源表现与合规视为按揭定价与估值的输入项，而不是可以推迟的成本。第三，任何涨租都要对照当地租客收入来检验：供给数据显示仍有空间，但决定上限的是承受能力，而不是房东的意愿。
数据来源：Paragon 银行《2026 年第二季度出租收益率报告》；RICS《2026 年 8 月英国住宅市场调查》；ONS 私人租金指数（2026 年 9 月发布）；Moneyfacts 平均新增按揭利率；Goodlord 租金指数。