HMO Yields Hit 9.8% in the North East — But Here's the Number Nobody Quotes

Fleet Mortgages published their Q1 2026 Rental Barometer on 2 April and the headline number — 9.8% average yield in the North East — has been shared across every property forum and LinkedIn feed this week. That number is real. It's also, for most HMO investors, dangerously incomplete.