Bradford is the top urban property hotspot for the second consecutive quarter, exclusive data from OnTheMarket reveals.
A combination of affordable house prices and growing number of buyers being priced out of nearby Leeds is helping lift Bradford’s property market, OnTheMarket said.
Speaking to This is Money, Robert McCarthy, manager of Hunters estate agency in Bradford, said buyers were attracted to the area because properties are ‘dirt cheap.’
Hotspots: Bradford is the top urban property hotspot for the second consecutive quarter, data reveals
He said: ‘Bradford is seeing a high increase in first time buyers and investors, with properties ranging from around £70,000 for a two bedroomed terrace, £110,000-£130,000 for a three to four bedroom terrace and £120,000 to £240,000 for a three bedroom semi-detached or detached property.
‘This gives a buyer much more for their money, while keeping the mortgage payments lower.’
He added: ‘This week we had a three bedroom semi-detached property go on the market needing some work at £100,000.
‘We we had over 90 requests to view, with some buyers offering before a viewing at well over the asking price.
‘I personally bought a three bedroom semi-detached renovation project in the area with a large garden for £51,000 a few years ago.
‘Now fully renovated, if I was selling to put it on the market it would be around £180,000 to £190,000.’
Mr McCarthy told This is Money that it was possible to buy a one or two bedroom flat in the centre of Bradford for between £20,000 to £60,000.
Urban property hotspots
Blackpool, Rochdale and Plymouth came in second, third and fourth place respectively in OnTheMarket’s latest rankings, with Rochdale climbing from 23rd to third place.
As cities like Manchester become increasingly expensive, Rochdale has ballooned in popularity with buyers.
Andrew Cardwell, manging director of Cardwells Estate Agents, said he wasn’t surprised about Rochdale’s colossal climb in the rankings.
Ample space: The property in Bradford is link detached and perfect for families
Time to eat: The dining room in this Bradford property is chic and modern
Outdoor space: the property has a low maintenance garden perfect for entertaining
He said: ‘Earlier this year Rochdale was recognised as one of the most affordable places to buy a property, with an average house price of around £206,000.
‘As well as offering excellent value for money, it’s within easy reach of Manchester city centre and has beautiful countryside.’
Plymouth jumped from 22nd to fourth place in the rankings. It is the only southern location to make it to the top five, OnTheMarket said.
Plymouth is home to HMNB Devonport, the largest naval base in western Europe and the city is brimming with shops and restaurants.
Jacob Tebb, president of OnTheMarket, told This is Money: ‘Property buying decisions continue to be heavily influenced by affordability, according to our latest hotspots index, which reveals that some of the most active or “hottest” areas also offer buyers the best value.”
He added: ‘Overall, the north/south divide is holding firm, with some of the most vibrant and cheapest locations in the north seeing the most heat in terms of housing market activity and only one southern location making it into the top ten.’
Leicester, Stoke-on-Trent, Swindon, Sunderland, Wakefield and Derby also made it to the top ten, while Middlesborough, Burnley and Coventry were just outside the top 10.
Wakefield rose from thirtieth to ninth place, while Birmingham climbed from forty-third to twenty-third place.
Where is the market cooling? Urban property hotspots
OnTheMarket added: ‘Moving in the other direction, demand in Wigan cooled significantly, dropping from second to fifteenth place in our rankings, while Liverpool has fallen from eleventh place in the first quarter to thirtieth.
‘Worthing, one of the few southern locations to be considered a hotspot, fell from twentieth to fifty-third place. The “coolest” hotspot on our list is Brighton.’
The average price of a house in Brighton and Hove was £422,000 in April, according to the Office for National Statistics. Its coastal location and proximity to London makes it popular but expensive with buyers.
Activity in Gloucester, Norwich and Warrington is also cooling, OnTheMarket said.
How is the London property market faring?
OnTheMarket crunched separate data for the London property market. The data suggested there has been ‘less fluctuation nationally and very little movement’, On The Market said.
Within the London-focused rankings, Barking and Dagenham, Havering, Sutton, Redbridge and Newham comprised the top five, followed by Bexley, Hillingdon and Enfield. Hounslow and Croydon also made it to the top 10.
However, Hounslow dropped out of the top five London hotspots in the quarter, while Lambeth, Southwark and Merton all fell four places.
In the last few years, higher mortgage rates have put a dampener on the property market. However, the Bank of England is expected to cut interest rates this summer and some banks and building societies have already started trimming rates on their mortgage deals.
The mortgage lender cut rates by up to 0.33 percentage points across a wide range of deals for both homebuyers and those remortgaging, resulting in several new best-buys.
Halifax also announced it was cutting mortgage rates by up to 0.13 percentage points on selected deals.
What’s on sale now?
1. Three-bed semi-detached house, Bradford, £190,000
This three-bedroom semi-detached house at Hopefield Way, Bierley in Bradford, is on sale via Hunters estate agency for £190,000.
It has a light and airy living room and a spacious kitchen-diner. The property has gardens at the front and rear and comes with one driveway parking space.
Bargain: This three-bed semi-detached home on sale via Hunters could be yours for £190,000
Chill time: The semi-detached house in Hopefield Way, Bierley, is light and airy inside
Culinary delights: The Bradford property comes equipped with a spacious kitchen-diner
Relax: One of the three bedrooms on offer at the property in Bradford
2. Two-bed flat, Plymouth, £220,000
Plush: This spacious two-bed flat in Plymouth is on sale via Julian Marks for £220,000
Features: The period features at the two-bed flat in Plymouth are clear to see
All the mod cons: The Plymouth flat comes equipped with a newly fitted pristine kitchen
Space: The Plymouth flat has a small private garden and communal grounds
This two-bedroom ground floor flat on sale via Julian Marks is set in a substantial end of terrace late Victorian-era property and is listed for £220,000.
The newly fitted kitchen is modern and stylish, and elsewhere charming period features have been retained.
The property has been owned by the same people since 1994 and comes with use of a small private garden, as well as a communal garden.
3. Four-bed house, Rochdale, £325,000
Ideal: This four-bed detached house on sale via Hunters could be yours for £325,000
Family hub: The living room in this Rochdale property is spacious and calming
Ready to go: The property in Milnrow, Rochdale, is in turn key condition
This four-bedroom detached property located in Milnrow, Rochdale, is on sale via Hunters for £325,000.
The house is in mint condition throughout with light and airy rooms. A family could move straight into this home without needing to lift a finger. There’s off-road parking, a single garage and gardens to the front and rear.
It’s an ideal property for a growing family.
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