It was seen that a refurbished property that didn't require any renovation would receive an average yield of 5.4%, one per cent higher than homes in need of a lot of refurbishment.

Landlords keen to expand their portfolios should certainly consider the benefits of investing in homes that are ready to move into, as they achieve higher yields in six out of ten cities in the UK, with just Edinburgh and Liverpool emerging as places where it would be more profitable to buy a fixer-upper.

"While the initial purchase price will be significantly higher, rental returns are also improved, making monthly mortgages and maintenance costs more palatable," head of mortgages Peter Dockar remarked, noting that ready-to-move-into homes can often be the wiser choice for those looking to invest.

The study further revealed that the average rental income for a two-bed house in excellent condition was £872 a month, 75% higher than the average income for properties of a lesser standard, which was £498 a month.