East Manchester tops property hotspots

06 September 2005
First-time buyers are being urged to consider East Manchester as Openshaw tops the Royal Bank of Scotland's first-time buyer property index.

The index ranks areas by desirability and potential return on investment to list the 20 areas with the most potential for first-time buyers.

RBS identifies five key factors in identify a property hotspot with a below average ratio of house prices to local earnings the most important.

The other four are: strong growth in house prices, urban regeneration, good transport links and a young demographic.

Openshaw has all of these factors as well as being on the verge of major regeneration with exceptionally low house prices around £130,000 below the national average.

Paul Jeffrey, head of mortgage products for RBS said: "The FTB Property Index and comment from the RBS Economics Unit shows that there is cause for renewed optimism among buyers seeking that first step onto the property ladder. The Index looks to highlight how smart investing now can help first-time buyers skip a few rungs within a few years."

The other top five property hotspots are Middlesbrough (Teeside), Awick (also in Manchester), Falkirk (Scotland) and Ferndale in South Wales.

To read more about property, click here.

track© Adfero Ltd