GableIndex Weekly, Issue 2: England & Wales at an estimated 4.36% gross yield
Newsletter · By GableIndex team · Thu 22 Oct 2026
Good morning. Issue 2: new ONS rent data for England & Wales, the latest house price data, and four European property deals from the past week.
By the GableIndex team
1) The Number
4.36%
The median estimated gross rental yield across 316 local authorities in England & Wales, using ONS rent data released on 21 Oct 2026 (rents July 2026, prices August 2025 to July 2026).
- Why it matters: it is the lowest of the four medians on our yield board (Portugal 5.23%, Ireland 5.24%, Spain 5.78%), though each market's figure covers a different period (see The Board).
- The big picture: the spread inside England & Wales is wide, from 7.07% in Newcastle upon Tyne, the highest of the 316, to 2.99% in Powys, the lowest. In London, Westminster is at 4.77%.
Estimated gross rental yield, GableIndex calculation from ONS private rents and HM Land Registry prices paid; before costs, taxes and vacancy. Sources: GableIndex, England & Wales yields; Office for National Statistics, Price Index of Private Rents (OGL v3.0), modified by GableIndex; HM Land Registry Price Paid Data (OGL v3.0). ONS data released 21 Oct 2026, HM Land Registry data released 28 Sep 2026; checked 21 Oct 2026. Estimate, not a forecast.
2) The Board
House prices. No new Eurostat release since Issue 1, so the EU picture is unchanged: the house price index rose 4.7% across the EU in the year to 2026 Q2.
| Market | Latest | Change | Period |
|---|---|---|---|
| Portugal (Eurostat index) | 301.43 | +16.5% y/y | 2026 Q2 |
| Spain (Eurostat index) | 200.6 | +12.1% y/y | 2026 Q2 |
| Ireland (Eurostat index) | 205.94 | +6.0% y/y | 2026 Q2 |
| Germany (Eurostat index) | 153.5 | +0.6% y/y | 2026 Q2 |
| France (INSEE existing homes) | 125.7 | −0.9% y/y | 2026 Q2 |
| Dublin median sale price | €485,000 | n/a | Sep 2026 |
| Manchester median price paid | £260,000 | n/a | Jul 2026 |
Sources: Eurostat prc_hpi_q, all dwellings, 2015 = 100, data released 1 Oct 2026 (Eurostat is not responsible for this use); INSEE, Notaires-INSEE index (idbank 010567059), metropolitan France, seasonally adjusted, 2015 = 100, provisional, data released 8 Sep 2026; PSRA Residential Property Price Register (1,587 market sales), checked 21 Oct 2026; HM Land Registry Price Paid Data (297 sales), released 28 Sep 2026. All checked 21 Oct 2026. Some figures are provisional and may be revised.
- France: the INSEE index fell 1.0% on the previous quarter. Eurostat's harmonised series for France shows −0.8% y/y, 24th of the 26 EU countries with Q2 data. The two series measure different things (see France).
- Falls: only three EU countries had lower prices than a year earlier: France (−0.8%), Luxembourg (−2.2%) and Finland (−2.7%).
Estimated rental yields. Four markets are on the board. Medians, plus selected areas:
| Area | Est. gross yield | Period |
|---|---|---|
| Spain, median of 52 provinces | 5.78% | 2024 |
| Ireland, median of 26 counties | 5.24% | 2025 Q4 |
| Portugal, median of 247 municipalities | 5.23% | 2026 Q1 |
| England & Wales, median of 316 local authorities | 4.36% | Jul 2026* |
| Manchester | 6.30% | Jul 2026* |
| County Dublin | 5.53% | 2025 Q4 |
| Porto | 4.89% | 2026 Q1 |
| Barcelona (province) | 4.89% | 2024 |
| Westminster | 4.77% | Jul 2026* |
| Madrid (province) | 4.49% | 2024 |
| Lisbon | 4.07% | 2026 Q1 |
*Rents July 2026, prices August 2025 to July 2026.
England & Wales (median, Manchester, Westminster): Estimated gross rental yield, GableIndex calculation from ONS private rents and HM Land Registry prices paid; before costs, taxes and vacancy. ONS data released 21 Oct 2026, HM Land Registry data released 28 Sep 2026.
Ireland (median, County Dublin): Estimated gross rental yield, GableIndex calculation from CSO/RTB rents and PSRA Property Price Register sale prices; before costs, taxes and vacancy. CSO/RTB table RIQ02 (CC BY 4.0), data released 14 May 2026; PSRA data checked 21 Oct 2026.
Portugal (median, Porto, Lisbon): Estimated gross rental yield, GableIndex calculation from INE rents and INE sale prices; before costs, taxes and vacancy. Instituto Nacional de Estatística – Portugal, indicators 0014696 and 0012234 (CC BY 4.0), modified by GableIndex; data released 29 Sep 2026.
Spain (median, Madrid, Barcelona): Estimated gross rental yield, GableIndex calculation from MIVAU SERPAVI rents and MIVAU appraised values; before costs, taxes and vacancy. Ministerio de Vivienda y Agenda Urbana, SERPAVI (released 9 Jul 2026) and appraised housing values (CC BY 4.0, released 17 Sep 2026), modified by GableIndex.
All checked 21 Oct 2026. Source: GableIndex estimated rental yields. Estimates, not a forecast or a recommendation.
- Manchester: a median rent of £1,365 a month against a median price of £260,000 gives 6.30%.
- Spain: the widest range on the board, from 8.4% in Ciudad Real to 3.6% in the Balearic Islands.
- Lisbon and Porto: unchanged since Issue 1. There has been no new INE release.
3) Deals
European real estate and proptech deals from the past week.
- Klépierre (Paris, France): signed a binding agreement on 15 Oct to buy the remaining 50% stake in a mall portfolio from its joint-venture partner for €196 million. The portfolio includes Il Leone, a 60,000 sq m shopping centre by Lake Garda in Lombardy, Italy. The deal is debt-funded and expected to close by 31 Dec 2026. 21 Oct 2026 · Klépierre release (PDF)
- PATRIZIA (Augsburg, Germany): bought a portfolio of 24 newly built Lidl food stores, ten in Italy, eight in Spain and six in France, with about 50,000 sq m of floor space, fully let to Lidl. No price was disclosed. 20 Oct 2026 · PATRIZIA release (EQS)
- Grand City Properties (Luxembourg): disclosed a 20.04% shareholding in LEG Immobilien, one of Germany's largest residential landlords, which is focused on North Rhine-Westphalia. Voting rights will not be exercised until the German Federal Cartel Office clears the deal. No price was disclosed. 20 Oct 2026 · Grand City Properties release (EQS)
- Vessla (Stockholm, Sweden): came out of stealth with €2.94 million ($3.3 million) in pre-seed funding, led by Seedcamp. It builds AI agents that work across the software property managers already use. 19 Oct 2026 · EU-Startups
Amounts are as reported by the companies. Each item links to its source and is summarised in our own words.
4) Explainer
What a gross rental yield leaves out
A gross rental yield is a year's rent divided by the price of the home. For Manchester that's £1,365 × 12 ÷ £260,000 = 6.30%. It's a quick way to compare places. It is not what a landlord keeps. Gross means before buying costs and taxes, maintenance, letting fees, insurance, empty months and mortgage interest. Our figures are also area estimates. They match an official rent series to an official price series for the same area, and the two come from different samples. A particular flat can differ a lot from its area's figure. Periods differ too: Spain's estimates use 2024 data, while England & Wales uses rents from July 2026. That's why every yield on GableIndex carries its sources and period. Our guides to buying costs and taxes cover the costs a gross yield leaves out, starting with France: Buying property in France: the full process, taxes and hidden costs. Methodology →
Also on GableIndex: Portugal house prices by municipality · Issue 1
Yields are GableIndex estimates, before costs.
Information only. Not financial, investment, tax or legal advice.
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