Bradford has been named the hottest spot for city property for the second time in a row, as buyers flock to snap up affordable homes.
The Yorkshire city topped the charts thanks to its winning combination of budget-friendly prices and a surge in buyers priced-out of nearby Leeds.
Experts say first-time buyers and savvy investors are driving demand, snapping up everything from terraced houses to detached properties at prices well below the national average.
Bargain hunters are bagging two-bedroom terraces from just £70,000, while spacious three or four-bedroom terraces are going for between £110,000 and £130,000.
For those after a detached property, three-bed homes are on the market for between £120,000 and £240,000.
Robert McCarthy, from Hunters estate agents in Bradford, said: “Bradford offers buyers much more for their money, while keeping mortgage payments lower.” He revealed that a recent three-bedroom semi-detached house, in need of some TLC, was listed for £100,000 and received over 90 viewings, with some eager buyers even putting in offers before stepping through the door!
Proof of Bradford’s booming market? Mr McCarthy himself bought a three-bed renovation project a few years ago for a mere £51,000. Today, that same property, fully renovated, is estimated to be worth between £180,000 and £190,000.
And for those with an eye for a deal, Mr McCarthy revealed that one and two-bedroom flats in the city centre can be found for a steal – ranging from £20,000 to £60,000.
Seaside Charm and Northern Gems – Where Else is Hot?
Hot on Bradford’s heels is Blackpool, claiming the second spot on the list compiled by property website OnTheMarket. Rochdale, previously in 23rd place, rocketed to third, with Plymouth sailing into fourth position.
Rochdale’s popularity surge is no surprise, according to experts. As Manchester prices skyrocket, buyers are setting their sights on more affordable areas nearby. Andrew Cardwell, from Cardwells Estate Agents, highlighted Rochdale’s average house price of around £206,000 and its convenient location, just a stone’s throw from Manchester city centre and picturesque countryside.
Plymouth, the only southern location in the top five, boasts the title of home to HMNB Devonport, the largest naval base in Western Europe.
Other cities basking in the property spotlight include Leicester, Stoke-on-Trent, Swindon, Sunderland, Wakefield, and Derby, all securing a coveted spot in the top ten.
South Loses Its Sparkle as Affordability Drives Market
Jason Tebb, from OnTheMarket, said: “Property buying decisions continue to be heavily influenced by affordability. The north/south divide is holding firm, with some of the most vibrant and cheapest locations in the north seeing the most activity.”
While some areas are heating up, others are cooling down. Wigan saw a significant drop in demand, plummeting from second to fifteenth place. Liverpool also experienced a decline, falling from eleventh to thirtieth.
Brighton, known for its coastal charm and proximity to London, was dubbed the ‘coolest’ hotspot, with an average house price of £422,000 in April.
London’s Property Landscape: A Tale of Two Cities
London’s property market tells a different story. Barking and Dagenham, Havering, Sutton, Redbridge and Newham claimed the top five spots in the capital, suggesting a move towards more affordable outer boroughs.
Good news for buyers? After a period of high mortgage rates, the Bank of England is expected to cut interest rates this summer, which could breathe fresh air into the property market. Several banks and building societies have already jumped the gun, trimming rates on mortgage deals.