Torbay’s average rental yield
HSBC along with the Office of National Statistics and the land registry has released a report on the top 50 Buy to Let hotspots by Rental Yield in England and Wales.
This report shows the average rental yield for the area, interestingly enough our own English Riviera is ranked 21st on the list ahead of places such as the City of Bristol, Kingston Upon Thames and Exeter.
In Torbay just over 21% of the housing stock is used for the rental market with an average house price of £139,168, giving an average annual rent of £7176 this means the average rental yield is around 5.16% compared to Exeter where the rental stock is slightly lower at 19% and an average yield of 4.43%. I personally believe that location matters and this shows with a strong demand in the rental market for Torbay. Of course with the new link road being built I strongly suspect we will see a rise in the level of demand for the area as well as some of the larger housing developers building new estates.
In all a buy to let property in Torbay will give you a better rental yield than other areas in the southwest, in future posts I will look in more detail at the capital growth of properties in the area. 2015 is looking to be a good year to make the investment in a rental property and if you think you have found as good investment, please don’t hesitate to contact me via email firstname.lastname@example.org or on 01803 200140 if you would like a second opinion.
At Norton’s Professional Services Torbay, we provide a comprehensive service which we tailor to fit a management service, which is suitable to your specific property. Our Estate & Block Property Management Services cover a wide area of Devon from Exeter, Newton Abbot, Dawlish, Teignmouth, Torbay and down to Plymouth.