'Telegraph was wrong to miss Potteries potential'
A N ESTATE agent has hit back at an article in a national newspaper listing the top 10 hotspots for buy-to-let investment property which missed out North Staffordshire.
Tom Williams, pictured, who runs the Findahomeonline agency, says the article published in the Telegraph was wrong to miss out Stoke-on-Trent and the surrounding areas, which offer landlords significantly better returns than properties in the other towns and cities highlighted.
Tom says the paper was helped to prepare the article by estate agent, Savills, which tends to deal in the wealthier parts of the country, and property website, Rightmove, and it focused mainly on areas in the south of the country and London.
Tom says: "According to the Telegraph the top spot for rental yields, which is the percentage income worked out from the average house price against the yearly rental income, is Newham in East London where the average house price is £220,000 and the rental income is £16,800 giving a gross yield of 7.6 per cent. It ranks Oxford in second place; the average house price is £237,000 and average rental is £14,900 giving a yield of 6.3 per cent.''
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With the exception of York which is ranked third, with an average price of £149,000, an average rent of £9,400 giving a yield of 6.3 per cent, all the other Telegraph top 10 are in London or counties such as Kent, Surrey, Sussex or Cambridgeshire.
Tom says: "The average house prices and rental incomes are based on two-bedroom properties in those towns and cities but I feel that there are some towns and cities that have been overlooked in this buy-to-let 'hot spots', namely our home city of Stoke-on-Trent! The average price for a two-bedroom house in Stoke-on-Trent is approximately £55,000 – £60,000 and will produced an average rent in the region on £400 per calendar month.
"On my calculations, this gives a gross yield of approximately eight per cent. On these figures, this would put Stoke-on-Trent at the top of the buy-to-let 'hot spot' chart.
"High rental yields are not uncommon in the north of England and the Midlands. Other areas that I would expect to have good rental yields are Burnley, Blackburn, Chester and Hull. I could go on and on.
"I enjoyed reading the Telegraph's article but do suspect that the places have been chosen on what they look like and where they are based geographically.
"Had the Telegraph looked at the facts, I think we would have had a very different looking top 10. Am I right, or just a biased northerner?''
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