Money News
A new index, the Young Affluent Professionals Index (YAPPY) - created by home insurer MORE TH>N - claims it can identify areas of the country that are set to be the property hotspots of the future.
The YAPPY index tracks data on the ownership of particular household goods typically owned by young affluent professionals, whose presence in an area tends to signal the start of a healthy housing market.
The index reveals the top 351 areas of the country emerging as desirable locations for young affluents. These areas have been identified by measuring ownership of goods such as iPods and plasma TVs; usage of broadband and SkyPlus; frequency of city/short breaks and collection of Air Miles; and those with earnings of over £27,000. All are key indicators of the presence of young affluent professionals.
While London unsurprisingly dominates the rankings, the index reveals some interesting new hotspots, including:
1- Kingston Quay, Glasgow - a new development in Glasgow city centre that has seen regeneration over the past few years.
2- Ordsall in Salford - being developed to emulate Salford Quays, the area is fast becoming desirable. There has been an influx of newly built homes in the area in recent years.
3- Everton in Liverpool - council tower blocks that previously housed asylum seekers have been redeveloped to create new luxury apartments, with potential buyers queuing overnight to secure the chance to buy an apartment.
4- West of the city centre in Newcastle-upon-Tyne - this area of the city was previously undeveloped but developers are now investing in the area, particularly around Westgate Road.
5- Holbeck in Leeds - this area on the edge of the city centre is under development and is set to be an up-and-coming area.
08 June 2007 © Moneyextra.com
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