Why sales in Bradford postcode areas are now booming
THE Bradford postcode area, which includes the city itself and surrounding towns and villages, including Bingley, Ilkley and Keighley among others, has the hottest property market in England according to property portal On the Market.
It ranks number one in the hotspot index. Doncaster, which has an array of beautiful villages and towns, has climbed to number ten in the table while Barnsley and Sheffield are at number 17 and 18 respectively.
Jason Tebb, President of property portal OnTheMarket, says: “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.
“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.”
There are also suggestions of a ripple effect at work with people priced out of major cities opting for cheaper urban areas within easy commuting distance. Hence, Bradford,
the top hotspot for the second year in a row, is close to Leeds while second-placed Wigan is midway between Manchester and Liverpool, and third-placed Burnley is north of Manchester.
The report says that post-pandemic, people seem willing to commute that little bit further than they might have previously, while more flexible working conditions mean they may not be required to be in the office every day.
The north/south divide is also in evidence, with all of the top ten hottest urban areas in the north of England or the Midlands. London is in a lowly 47th place, down from 45th when looking at the same period last year.The index further reinforces that many buyers are being priced out of London and the southeast and as a result may be looking for opportunities further afield.
Meanwhile, a Halifax report that the cost to first-time buyers of owning a home is now £1,231 per month, which is £27 lower than renting an equivalent property.
This is the smallest gap between home ownership and renting recorded since 2019, according to the latest Halifax Owning vs Renting Review.
The analysis, based on the housing costs associated with a mortgage on a three-bed home compared to the average monthly rent of the same property type, found that average monthly rental costs in 2023 grew by 24 per cent to £1,258, while home-owning costs grew by 27 per cent to £1,231.
Renters in Yorkshire also saw significant yearly savings when compared to owning a first home, though, of course, they have no equity in a rental property.
Kim Kinnaird, Mortgages Director at the Halifax said: “Home ownership can offer long term financial and living stability but elevated borrowing costs, alongside a lack of available homes to buy, is pushing ownership further out of reach for first-time buyers. This is why we are supporters of affordable home ownership schemes, such as the mortgage guarantee scheme.”