October's big story for landlords was the Budget, which puts tax on rental income up again for anyone holding property in their own name. Hull rents and house prices meanwhile kept rising faster than the regional and national averages, and Yorkshire landlords now have firm dates for the new rental property register. Here's what changed over the last month and what it means if you let property in Hull.
National Property News
The Budget on 28th October dominated the headlines, and we cover the detail further down. Away from tax, the wider market is cooling. Nationwide reported annual house price growth of just 0.5% in October, the slowest since January 2024, with an average price of £273,566. It pointed to higher energy prices and their effect on mortgage pricing, weak buyer enquiries and a dip in consumer confidence.
Rent growth is steadier nationally, with the UK average up 3.8% to £1,406 a month in the year to September (ONS). The Budget also announced Your First Home, a £4.7bn equity loan scheme for first-time buyers. Propertymark reports first loans from April 2027. It's one to watch rather than worry about for now.
Interest Rates and Mortgages
The Bank of England last held Bank Rate at 3.75% on 17th September, but the vote was 6-3, and all three dissenters wanted a rise to 4%. The next decision is on Thursday 5th November. Inflation has since jumped to 3.5% in September, up from 3.1%, and Which? reports experts expecting Bank Rate to end the year at 4%. Don't build your plans around rate cuts.
Lenders have already moved. Which? puts the average fixed buy-to-let rate at 5.79% at the start of October, up from 5.47% in August. Headline deals look far cheaper, but check the fee:
- Lowest 2-year fix at 75% LTV (6th October): 3.62% with a 5% fee, which is £5,000 on a £100,000 loan
- Lowest 5-year fix at 75% LTV (6th October): 4.64% with a 3% fee
- NatWest 2-year purchase at 75% LTV (15th October): 4.16% with a £3,999 fee
- Foundation remortgages at 75% LTV (15th October): 4.99% for 2 years with a 4% fee, or 5.84% for 5 years with a 5% fee
Only about 14% of buy-to-let deals are fee-free, according to Which?. Aldermore raised fixed rates by up to 0.17% in October, while NatWest, Santander and Accord made cuts, so pricing is moving both ways.
Personal name or limited company? We couldn't find a reliable current average that compares the two, so we won't quote one. Some lenders, such as Aldermore in August, priced both the same. The bigger difference is often the rent cover test: a common minimum is 125%, while higher-rate personal borrowers often face 145%. Accord, for example, now applies 125% to basic-rate and 145% to higher-rate background buy-to-let borrowers. A mortgage broker can tell you what that means for your own borrowing.
Local House Prices
| August 2026 (provisional) | Average price | Annual change |
|---|---|---|
| Kingston upon Hull | £137,000 | +6.6% |
| East Riding of Yorkshire | £220,000 | +0.4% |
| Yorkshire and The Humber | £209,000 | +1.8% |
| UK | £273,000 | +0.9% |
Hull terraces averaged £127,000, up 7.3%, and flats £79,000, up 2.9%. Local figures can swing month to month and may be revised, so treat them as a direction of travel.
Local Rents
| September 2026 | Two-bed | Three-bed |
|---|---|---|
| Kingston upon Hull | £623 | £745 |
| East Riding of Yorkshire | £650 | £799 |
Two and three-bed rents in Hull both rose 7.8% in a year, ahead of three-beds in the East Riding at 4.7%. Across all property sizes, rents rose 4.8% in Yorkshire and The Humber and 3.8% across the UK.
Local Housing Allowance for the Hull and East Riding area is well below that for 2026 to 2027: £475 a month for two beds and £550 for three. We can't see any uplift in the Budget documents, so tenants claiming benefits may be left with a real gap to cover. It's worth factoring in when you set the rent and check affordability.
Compliance and the Renters' Rights Act
Now in force: the main tenancy reforms have applied since 1st May. Council penalties of up to £7,000 for failing to deal with Category 1 hazards took effect on 22nd June, and the updated hazard rules (HHSRS) followed on 23rd June.
The landlord database: GOV.UK guidance published on 29th October confirms the Yorkshire and Humberside window runs from 15th April to 14th July 2027. The fee is £65 per property a year, pro-rated during the rollout. You'll need your gas, electrical and EPC details, and penalties run up to £7,000, or £40,000 for serious cases such as false information.
Awaab's Law: not yet in force for private landlords, and there's no fixed start date, though the consultation says the earliest feasible date would be 2027. It opened on 9th October and closes on 18th December. The proposals include 10 working days to investigate a significant hazard and 5 to make it safe, with emergencies dealt with within 24 hours. These could still change.
Decent Homes Standard: due to apply to private rentals in 2035. The detailed regulations haven't been published.
EPC C: the government intends this to apply from 1st October 2030, subject to Parliament. It's not yet law. The proposed spending cap is £10,000, or 10% of the value for homes worth under £100,000, which could matter for cheaper Hull flats and terraces.
Ombudsman: membership is expected in 2028. There's nothing new this month on gas or electrical safety rules.
Hull City Council Housing News
The council announced on 12th October that it has secured over £9 million of government funding for 83 new council homes across six sites, with 266 homes now committed towards its 840-home target for 2031. On 2nd October it reported 1,402 homes returned to use through buying homes and its empty homes work, including 884 privately owned empty buildings.
That's welcome, but the scale of demand is far bigger. The council's housing list page says each available home typically attracts 100 to 300 bidders, though that figure isn't dated.
We found no new council announcement on selective or additional licensing this month. Mandatory HMO licensing still applies where five or more people in two or more households share facilities.
Government Housing News
From 6th April 2027, tax on rental income rises to 24%, 44% and 49%, two points above the rates announced last year and four above today's 20%, 40% and 45%. On £10,000 of taxable rental profit, a higher-rate landlord pays £400 a year more than now. PKF Francis Clark reports that relief on mortgage interest rises to 24%.
This applies to property held personally, not to companies. Limited companies still pay corporation tax. That doesn't make moving into a company an easy answer, as it can trigger stamp duty and capital gains tax. Speak to an accountant first.
Making Tax Digital also reaches landlords with qualifying income over £30,000 from April 2027. Separately, HMRC is consulting until 20th January 2027 on how letting agents and deposit schemes report rental income data. Your tax position is increasingly visible, so accurate records matter.
What This Means for Hull Landlords
- Personal-name landlords: re-run your numbers for 2027 to 2028 now, and get tax advice before restructuring anything.
- Remortgaging soon: compare the total cost including fees, not the headline rate, and speak to a broker.
- Review your rent: Hull's two and three-bed averages are up 7.8%, so check where yours sits. Increases are limited to once a year, with two months' notice, and tenants can challenge anything above market rent.
- Diary the register: 15th April 2027 is when the Yorkshire window opens. Check your certificates are in date now.
- Tighten repairs records: log when each issue was reported and fixed, ahead of Awaab's Law.
Talk It Through With Us
If you'd like to know how your rent compares with the Hull market, or what these changes mean for your property, we're happy to help. Book a free rental valuation or call Will on 01482 961097 for a no-obligation chat.
This article reflects published data and the law in England as at 2nd November 2026 and is general commentary, not financial, tax or legal advice. WG Property is an independent letting agency based in Hull, managing properties across all HU postcodes and the wider East Yorkshire area.