University towns in the north of England and the Midlands score highest when it comes to yields and capital appreciation.
The assessment comes from investment portal Oneandonlypro which claims to predict areas and properties most likely to perform best using a mathematical analysis which gives each location a score.
Newcastle comes top followed by Nottingham, Leeds, Sheffield and Manchester.
Then comes Birmingham and Leicester before the first southern location - properties around Imperial College London, the London School of Economics and Political Science and King's College London.
“The highly sought after university cities of Oxford and Cambridge are giving investors poor returns, thanks to inflated property prices and lower rental yields than many other parts of England and Wales” says Henri Sant Cassia, chief executive at the portal.
“With the buy to let tax changes and increased stamp duty on second homes, it pays investors to avoid buying property in the top five ranked university cities in London and the South East, as average prices are very high and rental yields are much lower – averaging 4.0 to 6.0 per cent, compared with properties in the North West, which offers rental yields in excess of 10 per cent.”