Bradford is a hidden gem of the north of England. It has its unique blend of the West Yorkshire countryside and urban city living. It is part of the West Yorkshire Urban area, which is the 4th largest in the UK. It has great transport links and proximity to the Northern Powerhouse Cities, especially its close neighbour – Leeds.
While it may not a well-known city for overseas property investors, there is plenty of new developments in Bradford currently underway, along with a strong student population seeking accommodation and affordable living spaces.
The property for sale Bradford has on offer is relatively affordable, which boosts its appeal for first-time buyers. The latest data from Zoopla says that the average price of a Bradford home for sale from £154,000. This is a rise of 4% compared to the previous year. Terraced houses sold during that time for an average of £110,959 while flats sold for an average of £82,741.
Relatively low-priced mortgages and rents attract young professionals to Bradford and attract investors looking for good returns. Bradford is also well located in between major northern cities Leeds and Manchester, with easy access to the capital and the rest of the country.
With the Leeds Bradford Airport at only 6 miles and the Manchester airport merely an hour’s drive away, Bradford truly boasts excellent transport links.
According to the Office of National Statistics (ONS), which uses data from the HM Land Registry, the average property price in England is just over £288,000. The latest figures show an 11.5% increase in house prices over the last year alone.
This means that, comparatively, Bradford’s home prices are rising faster than the national average. And it’s Bradford’s future plans that are particularly attractive to property investors. Regeneration plans include improving the city’s infrastructure and continuing the development plans in the city centre.
Property investment in Bradford remains attractive because yields are projected to increase in the region. Why? Because Bradford’s infrastructure and facilities are improving thanks to various investment initiatives.
And it’s clear that the city offers many benefits to residents. While property remains relatively cheap against other regions of the UK, Bradford offers a culturally advanced, historic city with much to offer.
In addition, the HS2 project will mean one of the key Northern Powerhouse cities, Manchester will be just 20 minutes away via train. With Leeds just 15 minutes away, Bradford is perfectly positioned to take advantage of cheaper house prices while reaping the benefits of the bigger cities in the region. The HS2 initiative is predicted to boost Bradford’s economy by £15 billion by 2069, and the knock-on effect on house prices will be significant.
Developments Map View
Bradford is now a young and vibrant city having gone through a period of de-industrialisation but now Bradford now has one of the strongest economies in the region.
Savills says that over the next five years, Bradford and the surrounding region will see a 21.6% growth in population.
Investment yields are high.