Newcastle slums hike in value

Government funding programme injects £95m into Newcastle property market.

In April 2002 the Government created the Pathfinder Funding Programme that will make available £1 billion of government money to deprived areas of the country by 2015. Newcastle will be recieving £95million of the goverments funds.

The area west of Newcastle-upon-Tyne’s city centre has aready shown a hike in property prices, drawing many young affluent professionals. The area was ranked 21st in the Top 35 Yappy property hotspots.

Real estate specialists claim that Newcastle has all the factors necessary to allow residential and commercial property to boom. Newcastle’s property outlook was boosted this month by news that the city’s council would be investing an affordable housing programme to boost residential property stock in the west of the city.

Other areas to receive up to £95 million, over the next three years, Oldham (£90m), Hull and East Riding (£87m), Birmingham Sandwell (£53m), Tees Valley (£35m) and West Cumbria (£6m).

For the latest information, see the 2007 Housing Green Paper Homes for the future: more affordable, more sustainable from the Communities and Local Government website.

Yappie index shows Newcastle as property hotspot

Newcastle ranked 21st in the country’s a new property index based on where young affluent professionals, or “Yappies”, are currently living. 

That is according to a new study commissioned by More Than, which looked at homes occupied by young professionals earning over £27,000 a year that owned iteams such as plasma screen TVs, iPods, Sky Plus and who also went on city breaks and holidayed frequently.

Four of the top five UK property hotspots were in London, with new property hotspots highlighting areas out side the capital such as the area west of Newcastle-upon-Tyne’s city centre and Holbeck in Leeds.

“Spotting the areas where future house price growth will occur has become the holy grail for this nation of homeowners, and one indicator is to pinpoint the areas where young affluent professionals are moving – this tends to be an early warning that previously unfashionable areas are becoming more popular,” commented Peter Bolton-King, chief executive of the National Association of Estate Agents (NAEA).

“These results are an interesting reflection of the areas that young affluent people are residing in, and how wealth is currently being spread in the UK.

“It is no surprise to see London in the top ten, but the fact that Glasgow, Salford in Greater Manchester and Everton in Liverpool rate highly reflects the number of areas that have been redeveloped in recent years. There has also been an increase of apartments being built in city centres specifically targeting young professionals.”

Top 35 Yappy property hotspots
1. Lancaster Gate, Westminster (London) – W2 4
2. Belsize, Camden (London) – NW3 4
3. Ealing Broadway, Ealing (London) – W5 2
4. Hyndland, Glasgow – G12 9
5. Frognal and Fitzjohns, Camden (London) – NW3 5
6. Pembridge, Kensington and Chelsea (London) – W11 3
7. Queen’s Gate, Kensington and Chelsea (London) – SW7 4
8. Hampstead Town, Camden (London) – NW3 1
9. Campden, Kensington and Chelsea (London) – W8 4
10. Central Manchester – M1 5
11. Kew, Richmond upon Thames (London) – TW9 3
12. Cripplegate, City of London (London) – EC2Y 8
13. Knightsbridge and Belgravia, Westminster (London) – SW1X 8
14. Bannside, Banbridge (Northern Ireland) – BT32 5
15. Kingston Quay, Glasgow – G5 8
16. Bryanston and Dorset Square, Westminster (London) – W1H 7
17. Ordsall, Salford (Greater Manchester) – M50 3
18. Marylebone High Street, Westminster (London) – W 1U 5
19. Blackwall and Cubitt Town, Tower Hamlets (London) – E14 2
20. Everton, Liverpool – L3 9
21. West of the city, Newcastle Upon Tyne – NE1 5
22. Northcote, Wandsworth (London) – SW11 6
23. Hyde Park, Westminster (London) – W2 2
24. East Putney, Westminster (London) – SW15 2
25. Brompton, Kensington and Chelsea (London) – SW1X 0
26. Twickenham, Richmond Upon Thames (London) – TW1 2
27. Highgate, Haringey (London) – N6 5
28. Grove, Kingston upon Thames (Surbiton) – KT1 1
29. St Mark’s, Kingston upon Thames (Surbiton) – KT6 4
30. Holbeck, Leeds – LS2 7
31. Barnes, Richmond upon Thames (London) – SW13 8
32. Courtfield, Kensington and Chelsea (London) – SW5 0
33. Childwall, Liverpool – L16 7
34. Highgate, Camden (London) – N6 6
35. Hillside, Merton (London) – SW19 4