A forecast and why the BD postcode area is in demand
The Bradford postcode district, which includes homebuyer hotspots such as Skipton, Saltaire and Bingley, has seen the UK’s highest demand for property, which is 98 per cent above the fiveyear average, according to Zoopla.
While BD postcode areas such as Skipton and parts of the Dales, including Settle and Kettlewell, have long been high price, in demand areas, other parts of the Bradford District have become increasingly popular as home buyers look to buy in small towns and villages that offer value for money and/or have access to good transport links.
Gary Horgan, director of Martin and Co sales and lettings agents in Keighley and Saltaire, says those locations, along with Apperley Bridge, Baildon and Shipley, which all have a railway station, have become more sought-after over the past two years.
The average terraced house in Keighley costs £142,698, semidetached properties sell for an average of £193,874, with detached properties fetching £310,349.
He says: “We get a lot more firsttime buyers moving to the centre of Keighley because properties there are reasonably priced, while other buyers want semi-rural properties in surrounding villages.
“We have been inundated with buyers and tenants wanting to move to Haworth and nearby Oakworth and, as for Saltaire, within a week of putting a house on the market there we have a number of full price offers.”
He adds: “Another factor bringing buyers into various BD postcode areas is that property in Leeds has become unaffordable.”
Jonathan Raynor, head of Dacre, Son & Hartley’s Baildon office, says: “Baildon has always been desirable because it has a railway station and it sits on the edge of the moors but most buyers were people moving within this area.
“Now we are seeing buyers from the south of England because they think Baildon offers good value for money.”
Terraced properties in Baildon sell for an average of £184,058, semi-detached homes are £250,502 with detached properties fetching £401,194.
Zoopla analysts say that the average house price growth is up 8.9 per cent year-on-year in Yorkshire, 9.3 per cent in Leeds and eight per cent in Sheffield.
They add that the continued desire to move as a result of the pandemic and flexible working, is offsetting fears about the current rise in the cost of living and higher mortgage rates and is supporting sales in the short term.
In addition, up to half a million older people have left the labour market over the pandemic with retirement a major trigger for moving home.
In some instances, it is thought that the cost of living pressures may be boosting the desire to relocate to save on running costs and find better value for money, in turn supporting levels of demand and market activity.
Demand for homes has slowed over 2022 but remains 25 per cent above average over the last five years and on a par with this time last year.
As for the future, Zoopla says the demand for homes is expected to weaken further into next year as mortgage rates increase with growth rates predicted to level out at five per cent at the end of 2022.
However, it does not expect significant falls in property values and says that although the housing market is not immune, it is in much better shape to weather the economic headwinds than in previous cycles.
It adds that fears of a market crash and double digit price drops are unwarranted.