Despite the drop, average prices are still £59,000 (19%) higher than in the pre-pandemic market of August 2019.

MFB tells landlords to secure a new rate as early as possible following this week’s inflation data.

Hampshire Trust Bank has made a series of enhancements to its criteria for specialist buy-to-let mortgage applications.

The highest annual rents inflation were seen in the West Midlands, Yorkshire and the Humber, and London.

Average UK house prices increased by 1.7% in the 12 months to June, down from 1.8% in May, according to the latest UK House Price Index from the ONS and Land Registry.

A further 1 in 5 say they became landlords without sufficient knowledge and lost thousands as a result.

Two-year fixed rates now start at 4.85%.

Across the North, the average yield is currently 4.7% while the South stands at 4.2%.

The North East remains top in regional growth at 3.4%.

The average buy-to-let investor who sold this year made £95,000, £10,000 less than in 2022.