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A survey of Britain's 50 best locations for buy to let investors to secure high yields shows London to be poorly performing and instead provincial towns providing the best results.

Of 50 towns and cities with the highest concentration of private rental housing stock, Southampton topped the list for rental yield with 7.82 per cent, due to its relatively affordable housing and an average rent of £901 per month.

The survey, conducted by HSBC, also showed that relatively inexpensive property prices in Blackpool, Hull, Manchester and Nottingham mean that these made up the rest of the top five with yields of 7.81, 7.77, 7.60 and 7.55 per cent respectively.

The next five were Coventry, Slough, Oxford, Liverpool and Portsmouth, with yields of 7.13 per cent to 6.55 per cent.

Despite the high proportion of private rentals in the capital, London does not score highly in terms of rental yields due to the comparably high property prices.

The top performing borough in the capital, Southwark, is 13th overall while the affluent London boroughs of Hammersmith and Fulham and Kensington and Chelsea are ranked in the bottom two places in the top 50 due to the high initial outlay to purchase a property, generating returns of just 3.42 and 3.34 per cent respectively.

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