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Manchester is currently offering the best yields on investments for UK property investors as well as the highest rental growth, rendering it a buy to let hotspot.
Manchester has been deemed the best location for buy to let. New research found that the city’s average yield reached 5.55 per cent, with Sunderland following in second place at 5.37 per cent. Liverpool came in third at 5.05 per cent.
The research also found that Manchester was the top location for rental growth in the UK at 5.76 per cent, with Leicester coming behind at 5.3 per cent. Cardiff took the third UK spot at 5 per cent.
The research also examined property prices across all the UK cities and found that Stoke on Trent is the least expensive area in which to buy property. The city boasted an average property price of just £106,000, making it the best place to buy a property and then use it as a buy to let investment afterwards. Landlords in this area therefore have a high chance of receiving a strong profit and rental yield from their property.
In contrast, London was found to be the most expensive area on the list with an average price of £484,000 and then followed by Oxford at £484,000. However, it was suggested in the research that although prices are high in Oxford, demand is high for rental properties from students due to the extremely popular university. This renders the city still a potentially strong investment.
In terms of London the report explains: ‘The gentrification of areas and the facilities people have to move, plus the growing offer of jobs in the capital have made of London the most expensive city to buy a house, therefore renting out is it an option that needs to be consider really carefully’.