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.