Overall rental yields have remained strong since the UK voted to leave the EU last year. Rental prices have halved in locations across the United Kingdom, but underlying prices are steady.
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House price growth is strong in the southeast, but the gap between house price rises in the north and south is shortening. Some areas have enjoyed exceptional growth, in particular, Milton Keynes and Swansea.
Interest in Property Investment Still Strong
Despite dire predictions from property experts, investment in buy to let property shows no signs of slowing down. Properties in the north of England continue to offer the best return on investment for landlords. Landlords with buy to let properties in Salford can expect rental yields of 7%, whereas landlords in Leeds and Manchester enjoy yields of around 6%.
Rental Yields in North of England
Other areas of the country with rental yields 4.5% and above include Edinburgh, Portsmouth, Coventry, Birmingham, and Durham. However, some northern towns and cities are not performing so well, with York, Doncaster and Wigan only achieving yields of around 3%.
London isn’t so great either. In many areas, rental yields are only around 2-3% but some boroughs have stronger yields. Westminster, Tower Hamlets, Newham, and the City of London are all good choices for landlords, as rental yields are strong.
Experts advise landlords to look for affordable properties in areas where rental income is high. Good examples include Leeds and Salford in Greater Manchester.
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