The Bradford area, nestled in the heart of England, has emerged as the country’s hottest property market. This accolade comes from none other than the esteemed property portal, On the Market, which places Bradford at the pinnacle of its hotspot index.
Bradford’s rise to the top is not just a tale of geographic convenience but a story of affordability and strategic choice. Home seekers, particularly from the Leeds area, have found Bradford’s property offerings irresistible, giving them more value for their investment. This shift in preference is mirrored in other areas too, with Doncaster, Barnsley, and Sheffield making appearances on the index due to their blend of charming villages, towns, and affordable living options.
The Decision Drivers
Jason Tebb, President of OnTheMarket, said, “Many factors go into shaping the decision to buy a home in a particular area, with proximity to family and friends, work, and schools just some of the many considerations. As property price increases have outstripped wage rises, affordability has increasingly influenced that decision-making, especially with high interest rates and a cost-of-living crisis thrown into the mix. Making the numbers add up has not only acutely impacted where movers choose to live but whether they may be able to buy at all. Our Market Hotspots index suggests buying decisions are heavily influenced by affordability with some of the cheapest locations seeing the most activity. It is no coincidence that the average property price in all bar one of the ten hottest urban areas is below the national average.”
The Ripple Effect and Commuting Trends
The concept of the ripple effect is clearly observable, with those priced out of major cities seeking solace in more economically viable urban areas within a reasonable commute. Bradford, Wigan, and Burnley stand out as exemplary cases, offering both affordability and manageable commutes to major city centers. The post-pandemic era has also seen a shift towards more flexible working arrangements, allowing people to consider living a bit further from their workplaces without the need for daily commutes.
A Shift in the Urban Landscape
The north/south divide in property hotspots is stark, with the top ten bustling urban areas situated in the north of England or the Midlands, leaving London lagging at 47th place. This trend underscores a growing preference for the value offered by northern locales over the increasingly unattainable prices in London and the southeast.
Within the capital, the narrative of affordability continues, with areas like Barking & Dagenham attracting the most buyers thanks to their lower-than-average prices yet convenient location. On the flip side, prestigious boroughs such as Westminster and Kensington remain quiet, their high property values a barrier for many.