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Commercial Trust quarterly index – Q2 2026

The UK buy to let market presented a mixed picture in Q2 2026. Landlords made fewer purchase mortgage applications through Commercial Trust, but those who did apply requested larger loans.

There were also major changes in where landlords were buying. Yorkshire and the Humber and the North East both increased their share of purchase applications compared with a year earlier, while the East of England declined.

Commercial Trust’s latest figures suggest landlords are not simply entering or leaving the market. Instead, they appear to be buying more carefully, reviewing existing finance and responding to very different regional conditions.

Key insights from Q2 2026

  • Purchases accounted for 24.2% of applications, down from 29.8% a year earlier
  • The average requested purchase loan rose by 6.6% to £207,673
  • Yorkshire and the Humber increased its regional share from 3.4% to 12.6%
  • The North East’s share rose from 1.7% to 8.4%
  • The East of England fell from 16.0% to 2.1%
  • Remortgages increased from 44.1% to 56.0% of applications
  • Applicants aged 60 to 79 represented a growing share of first applicants
  • Landlords are buying more selectively

Purchase applications made up 24.2% of Commercial Trust applications in Q2 2026. This was down from 29.8% in Q2 2025, representing a relative fall of 18.9%.

The fall became sharper as the year progressed. In Q1, the purchase share fell by 9.1% year on year, from 30.6% to 27.9%.

Across the first half of 2026, purchases accounted for 26.1% of applications. This compared with 29.2% during the same period in 2025.

However, landlords seeking purchase finance requested larger loans. The average requested purchase loan rose from £194,892 to £207,673, an increase of 6.6%.

It was also 9.5% higher than the Q1 2026 average of £189,604. This could suggest that active buyers are focusing on fewer, larger or more carefully chosen opportunities.

Northern purchase pattern continues

Regional figures show that the northern pattern seen in Q1 2026 continued into the second quarter.

Yorkshire and the Humber represented 12.6% of purchase applications in Q2 2026. This was almost four times its 3.4% share a year earlier.

The North East also increased its share, rising from 1.7% to 8.4%. Although this was below its Q1 peak of 14.4%, it remained five times higher than a year earlier.

The North West was the largest purchase location at 14.7%, broadly unchanged from 15.1% in Q2 2025.

The South East was the second largest location at 13.7%, followed by Yorkshire and the Humber at 12.6% and the West Midlands at 11.6%.

The East of England moved in the opposite direction, falling from 16.0% to 2.1%. The East Midlands declined from 12.6% to 5.3%, while the South West fell from 15.1% to 7.4%.

Property prices, tenant demand, expected rent, running costs and available finance all need to be considered when looking at investing in a region.

Local buying patterns varied significantly between regions

The North East increased its share of purchase applications, however, only 37% of investors buying there lived in the region, meaning almost two-thirds were based elsewhere.

In the East of England, the share of local buyers fell from 72.9% to 42.9%. Most purchase activity recorded in the region therefore came from landlords living elsewhere.

The South East also became more locally focused. Its local buyer share increased from 59.6% to 88.5%, while its share of purchase applications rose from 10.9% to 13.7%.

Remortgaging continues to be a priority

Remortgages accounted for 56% of Commercial Trust applications in Q2 2026. This was up from 44.1% a year earlier.

Across the first half of 2026, the remortgage share rose from 46.9% to 54.3%.

Remortgaging is naturally a large part of a specialist mortgage broker’s work. However, the increase suggests that reviewing existing finance has become a greater priority when compared with buying new properties.

Older applicants represent a growing share

Applicants aged 60 to 79 accounted for 20.8% of first applicants in Q2 2026. This was up from 14.0% in Q2 2025.

Those aged 40 to 59 remained the largest group, but their share fell from 57.8% to 51.4%. The share aged 20 to 39 also fell slightly, from 27.9% to 26.9%.

This could reflect the experience and existing property wealth held by older landlords.

Jorden Abbs, Chief Executive of Commercial Trust, said, “Landlords have not stopped buying, but the balance of activity has changed. Those moving ahead with purchases are requesting larger loans, while more existing landlords are reviewing their finance.

The continued interest in northern markets may reflect the value and rental returns landlords believe they can find there. Even so, no location should be treated as a shortcut. Investors still need to weigh up local demand, property costs and the finance available.

Against a backdrop of rising tenant demand, a lasting fall in purchase activity could affect rental supply. Policy must protect tenants while allowing responsible landlords to provide the homes renters need.

Download the full report

Read the Commercial Trust Quarterly Index Q2 2026 for more information on purchase locations, local buyer activity, application types and requested loan sizes.

Download the Commercial Trust Quarterly Index – Q2 2026 (PDF)

If you are considering a property purchase or reviewing an existing mortgage, contact our advisors today.

Methodology

The Commercial Trust Quarterly Index is based on internal lending data from mortgage applications submitted during Q2 2026.

It reflects:
•    A broad mix of buy to let investors
•    Lending across all UK regions
•    Multiple product types including purchase, remortgage and specialist finance