Manchester's Openshaw is top property hotspot
Monday, 05 Sep 2005 09:47
First-time buyers should head to Openshaw (picture: pixmedia)
The Manchester suburb of Openshaw is Britain's top property hotspot for first-time buyers, according to a new study.
Teeside, Middlesbrough was in second place, while another Manchester suburb, Ardwick, came third in an analysis of Britain's 2,800 postal districts by the Royal Bank of Scotland.
House price growth, return on investment and the desirability of an area are among the factors taken into account by the bank in its study.
Openshaw, which falls within the east Manchester regeneration scheme, scores highly on several counts.
It has average property price of just £52,690 – well below the national average of £183, 199, and has seen a 14 per cent growth in house prices over the last 12 months – nearly double the national average of 7.3 per cent.
Stratford, east London, continues to be seen as a property hotspot following London's success in securing the 2012 Olympics – it came in at eighth on the list.
In thirteenth place, Hackney is London's other entry on the top 20 list, sandwiched by Thurrock West (12th place) and Thurrock East (14th place) which lie further east along the Thames corridor in Essex.
Falkirk, on Scotland's east coast, was fourth in the list and one of only two entries from Scotland – the other being Leven in Fife.
Two districts from Wales made the top 20, with Ferndale and Blaenrhondda, both in the county of Rhonda, fifth and seventh respectively.
Elsewhere, at six Kingston-upon-Hull is the top of the list for Yorkshire; while slightly further south Boston, Lincolnshire, makes the list at number 18.
North Central Stoke-on-Trent, Newtown, Birmingham, and Gloucester city centre make the list for the west midlands.
Fengate, Peterborough, is the only entry for the east midlands, while Reading town centre is likewise the only entry for the south-east.
The top 20 locations for first-time buyers are:
1. Openshaw, Manchester, postcode M11
2. Teeside, Middlesbrough, TS1
3. Ardwick, Manchester, M12
4. Falkirk, Scotland, FK1
5. Ferndale, South Wales, CF43
6. Kingston-upon-Hull, HU3
7. Blaenrhondda, South Wales, CF42
8. Stratford, London, E15
9. North central Stoke-on-Trent, ST1
10. Leven, Scotland, KY8
11. Newtown, Birmingham, B19
12. Thurrock West, Essex, RM19
13. Hackney, London, E3
14. Thurrock East, Essex, RM20
15. Pennycross, Plymouth, PL2
16. City centre, Plymouth, PL4
17. City centre, Gloucester, GL1
18. Boston, Lincolnshire, PE21
19. Fengate, Peterborough, PE1
20. Reading centre, Reading, RG1
Royal Bank of Scotland has 3,000 free CD-Roms containing details of the study, including tips on how to find potential hotspot areas plus a guide to buying. Call RBS on 0800 068 5340 to get your copy.