Head for north, first-time property buyers told |
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Mon, 05 Sep 2005 16:05
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LONDON: First-time house buyers should look at opportunities in north of England, according to a new research study. The Royal Bank of Scotland, which carried out the study, insists that three of the top five property hotspots for first-time buyers are in the north of England and one each in Scotland and Wales.
The bank singled out Openshaw on Manchester outskirts as the No 1 spot for the coming year. The area is on the verge of an urban renewal, but currently had some of the lowest property prices in its index at an average of 52,690 pounds, much below the national average of 183,199 pounds. It has benefited from the regeneration scheme and the building of a new hyper market. The house prices there had risen by 14 per cent in the last one year, while the national average is 7.3 per cent.
The other favourite areas, according to the bank, are Teeside in Middlesborough, Ardwich in Manchester, Falkirk in Scotland and Ferndale in Wales. Also figuring among the top 10 are Kingston-upon-Hull, Blaenrhondda in South Wales, Stratford in London, north central Stoke-on-Trent and Leven in Scotland.
The bank said first-time buyers should consider three parameters -- the place must have a house price to incomes ratio that is below the national average, it must have above average house price inflation during the past 12 months and government funded regeneration schemes.
The other factors are good transport links and a young population, particularly as elder people, especially those who are retired too look for smaller accommodation.
Openshaw is a district of Manchester, which had suffered as a result of industrialisation. But, now it is having a 600 million pound rejuvenation plan, yet an average house is priced at 52,690 pounds. The bank says this makes it the most attractive place to buy a property. A bank spokesperson said the place, with good public transport links, does not require a car. This can help first time buyers to save cash for mortgage payments.
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