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UK Hotspots Unveiled For First-Time Buyers:'Head for the Mills of Yorkshire'
13 September 2005
For the second year, The Royal Bank of Scotland First-Time Buyer (FTB) Property Index ranks Britain's postcodes by desirability and potential of return on investment, to reveal the top 22 areas with most potential for first-time buyers.
Lindley (HD3), on the outskirts of Huddersfield, in Yorkshire, currently the focus of major property redevelopment, tops the list.
Lindley (HD3) offers a winning combination of affordable existing properties, a strong supply of 'new builds' and excellent house price growth record combined with accessibility to the buzzing city centre of Leeds.
The study reveals five key factors in determining possible property hotspots, the most important of which is a below average ratio of house prices to local earnings.
The other four factors, found in all of the top 22 housing hotspots are: significant increases in new build supply, strong growth in house prices, urban regeneration and good transport links.
The RBS Economics Unit highlights that a robust housing market provides an optimistic outlook for first-time buyers -but variation at a local level means would-be buyers should do their homework.
The full RBS First-Time Buyer Property Index report, featuring detailed information on the UK hotspots as well as additional advice for First-Time Buyers can be downloaded from www.rbs.co.uk/firsthome from 13th September 2006.
The Royal Bank of Scotland First-Time Buyer Property Index, unveiled today for the second year running, reveals the most promising UK locations for people planning to get on the property ladder in the next twelve months. The Index identifies the critical factors, which help determine both the current desirability of an area and its potential to offer a return on investment. The index applies these crucial factors in order to identify the possible housing hotspots for first-time buyers.
First-time buyers: Head for the mills (not hills) of Yorkshire
The RBS FTB Property Index reveals that Lindley (HD3), on the outskirts of Huddersfield, is the top property hotspot for the coming year and is the ideal place for today's first-time buyers to invest. Lindley (HD3), which is currently the focus of some interesting new build projects, offers relatively low average property prices at £138,886; compared to a national average of £193,489.
Lindley (HD3) offers an enticing climate for first-time buyers, with developments of new homes that will see the restoration of 19th century mills into luxury apartments. The area has also experienced 125 per cent growth in house prices over the past six years, which is significantly higher than the national average of 103 per cent.
One of Lindley's particular strengths lies in its proximity to the lively and economically booming city of Leeds, which is under 30-minutes away by car. Over the past ten years, Leeds has transformed itself into a vibrant centre for Yorkshire and has the potential to benefit areas nearby as young professionals seek desirable locations within easy reach of employment in the city centre.
Housing Hotspots Index
By analysing all of the factors affecting attractiveness and return on investment, RBS has identified Britain's top most desirable property hotspots for first-time buyers3:
Rank |
Area |
Postcode |
1 |
Lindley, Huddersfield |
HD3 |
2 |
Bo'ness, West Lothian |
EH51 |
3 |
Cardiff, Wales |
CF10 |
4 |
Scotton, Darlington |
DL9 |
5 |
Hawick, Berwick-Upon-Teed |
TD9 |
6 |
Huddersfield, West Yorkshire |
HD4 |
7 |
Middlesbrough, Teesside |
TS1 |
8 |
Nottingham City Centre |
NG1 |
9 |
Burnley, Lancashire |
BB11 |
10 |
Reading Town Centre |
RG1 |
11 |
Bethnal Green, East London |
E2 |
12 |
Newham, East London |
E15 |
13 |
Tiverton, Devon |
EX16 |
14 |
Blaenrhondda, Mid Glamorgan |
CF42 |
15 |
Rushmere St Andrew, Ipswich |
IP5 |
16 |
Almondsbury, Bristol |
BS32 |
17 |
Mickleover, Derby |
DE3 |
18 |
Canon Pyon, Hereford |
HR4 |
19 |
Grasscroft, Oldham |
OL4 |
20 |
Grantchester, Cambridge |
CB3 |
21 |
Highfield, Portswood |
SO17 |
22 |
Bratton, Telford |
TF5 |
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