Buy-to-let investors are looking at a more uneven housing market after Rightmove said asking prices rose 1.2 percent in May while the North-South divide widened and seller competition hit its highest level for this time of year since 2015.
North outperforms as southern prices slip
Rightmove’s latest House Price Index put the average new seller asking price at £378,304 in May, up 1.2 percent on the month and slightly ahead of the long-run seasonal average. But the headline masks a sharper split by region that matters for landlords weighing where yields and exit values are heading.
Asking prices were up 2.7 percent year on year in the North East and 2.6 percent in the North West, while London fell 2.4 percent and the South East dropped 1.6 percent. For landlords, that points to a market where lower-priced regions are still giving investors more room to absorb higher borrowing costs, while more expensive southern markets remain more exposed to affordability strain.
This follows Landlord Knowledge’s report on April asking prices, which showed sellers were still trying to hold firm despite mortgage market turbulence. The latest figures suggest that stance is becoming harder to maintain in higher-value areas as buyer choice widens and price sensitivity returns.
More stock means less room to overprice
Rightmove said buyer choice is now at its highest level for this point in the year since 2015. That matters for landlords looking to buy as well as those planning to sell. More stock on the market gives investors a wider choice of stock, but it also means sellers who push too hard on price risk sitting still for longer.
The portal said 32 percent of homes currently for sale have had a price reduction. Homes that need a cut are taking an average of 127 days to find a buyer, against 36 days for properties priced right from the start.
That is a useful warning for landlords thinking about trading stock, especially in markets where tenant demand may still look healthy but resale demand is more cautious. It also reinforces why realistic pricing matters more than headline monthly gains.
For a broader view of how landlord appetite is shifting, Landlord Knowledge recently reported that the market share of larger landlords is rising. Combined with Rightmove’s latest figures, the picture is of a market where experienced investors are still active, but they are likely to be more selective on region, pricing and refinance risk.
Mortgage costs still shape landlord decisions
Rightmove said sales agreed are 5 percent higher than this time last year despite weaker new buyer demand in April, suggesting correctly priced homes are still moving. For landlords, that is the key distinction. Demand has not vanished, but buyers have become choosier and more rate-sensitive.
Higher-value southern markets now look more vulnerable if mortgage pricing stays elevated. By contrast, northern markets still have some protection from lower entry prices and stronger relative affordability. That does not automatically make them easy wins, but it does help explain why investor attention keeps drifting north.
Landlords can read the underlying Rightmove House Price Index for 19 May 2026 for the full regional breakdown.
What this means for landlords
- If you’re buying: northern markets still offer more room to make the numbers work while southern affordability remains stretched.
- If you’re selling: price discipline matters more now that buyers have more choice and reduced appetite for over-priced stock.
- Watch for: whether mortgage rates stay elevated into summer, which would put further pressure on higher-value markets.
- Bottom line: the national average is still rising, but landlords should treat the market as regional rather than uniform.
Editor’s view
There is still enough activity in the market for landlords to move, buy and refinance. But May’s data is another reminder that average figures can flatter the South and understate the North. Investors who keep treating the UK market as one story risk paying for it.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 19 May 2026
Sources: Rightmove House Price Index, Rightmove Press Centre
Related reading: Rightmove says asking prices hold firm despite rate jitters
