This claim follows research on whether the performance of a football club affects prices in the local area. Leeds fans will be pleased to note there is no direct correlation, but there is a serious point to the research.
Figures for the North-East demonstrate the shortcomings of indexation in underwriting deals. If you use the Halifax index to make a decision, it shows growth of 2.1 for a five-year period. This figure applies under the broad title of North-East. A lender having advanced 90% on a £50,000 property in 1999 would now expect a valuation of £50,000 x 2.1, going by the index. But the valuation figure for St James' Park, home of Newcastle FC, is £141,000, and that for the Riverside, where Middlesborough FC is based, is £86,000.