House hunters priced out of the South are flocking North for affordable homes in booming areas like Bradford, Blackpool and Rochdale.
That’s according to the latest figures from property portal OnTheMarket, which tracks house hunter interest across the UK. The North-South divide is more apparent than ever, with northern towns dominating the list of property hotspots.
For the second quarter running, Bradford takes the top spot, as buyers priced out of nearby Leeds snap up bargains. Blackpool follows closely behind in second place, while Rochdale has seen a surge in interest, jumping to third place.
OnTheMarket puts this northern boom down to a combination of factors, including 14 consecutive interest rate rises since December 2021 making mortgages more expensive and the rise of working from home allowing people to look further afield for cheaper housing.
Where are the hotspots?
Here’s a look at the top 5 property hotspots in the UK:
- Bradford
- Blackpool
- Rochdale
- Plymouth (the only southern location in the top 5)
- Leicester
North West Towns Offer Value and Convenience
Experts on the ground aren’t surprised by these findings. Andrew Cardwell, Managing Director at Cardwells Estate Agents in the North West, points to Rochdale’s rise as a prime example. He says, “Rochdale, along with Greater Manchester towns such as Bolton and Bury have fared well recently. 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.”
Cardwell adds that these towns aren’t just cheap, they offer a great quality of life, saying, “as well as offering excellent value for money, it’s within easy reach of Manchester city centre and has beautiful countryside.”
The shift to home working has also had a big impact, according to Cardwell. “People can look further away from the city centre, targeting areas which offer good value for money, beautiful countryside and the type of property that may not be available in a city centre, and also may not be affordable,” he says.
London Boroughs See Less Dramatic Changes
While the North is booming, London is seeing less dramatic changes. Newham has entered the top 5 London hotspots for the first time, while other boroughs like Hounslow, Lambeth, Southwark and Merton have all seen a dip in popularity.
What does this mean for buyers and sellers?
- Buyers: If you’re priced out of the south, consider looking north for more affordable options.
- Sellers: If you’re in a northern hotspot, now could be a good time to sell your property.
However, it’s important to remember that the property market is constantly changing. Always do your research and seek professional advice before making any decisions.