Bradford’s housing market has shown worrying signs as the latest figures indicate a significant drop in house prices for February. The average price of a home in Bradford fell to £167,229, a decline of 2.6% compared to January, according to the latest data from the ONS. This decline is part of a broader downward trend that has affected the area over the past year.
Annual Decline Hits Homeowners
Over the past 12 months, Bradford has experienced a 3.7% decrease in property values. This reduction has resulted in an average price drop of £6,500 per property, positioning Bradford as one of the lowest-performing local authorities in the Yorkshire and the Humber region when it comes to annual house price growth. Out of the 15 local areas with available price data, Bradford ranks 14th, highlighting its struggles in the property market.
Regional Comparisons
Bradford’s February performance starkly contrasts with the broader trends in both its immediate region and the UK. While Bradford’s prices fell, the Yorkshire and the Humber region saw an average increase of 0.9% in property prices. Furthermore, the UK overall experienced a modest rise of 0.4% in the same period. This divergence suggests localised issues may be influencing Bradford’s market downturn.
Hope for First-Time Buyers
Despite the gloomy market conditions, there’s a silver lining for first-time buyers in Bradford. The average price for first-time buyers currently stands at £149,400, which, while down by £5,900 from last year, still marks a significant increase of £30,700 compared to prices in February 2019. This indicates that while prices have fallen recently, they are still considerably higher than they were three years ago.
Comparing Extremes within the Region
The regional picture is mixed, with some areas experiencing growth while others face declines. North East Lincolnshire leads with the highest annual growth rate in the region at 5.1%, bringing the average property price there to £156,000. On the flip side, Hull witnessed the most significant drop, with property prices decreasing by 5.5%, resulting in an average price of £131,000.