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Is Bradford a good place to invest in property?
As a city in close proximity to the Northern Powerhouse cities, Bradford is an up-and-coming destination property investors shouldn’t ignore.
But, you may be wondering what makes Bradford property investments so lucrative?
Read on to find out! In this text, we’ll outline the most important info & data you should be aware of before you buy a property in Bradford.
- Bradford has remained in the top improving cities for 4 consecutive years. Coming in the first place this year. Here’s what the PwC says about it: “We are delighted to see the great city of Bradford crowned this year’s top improver, largely due to an impressive fall in its unemployment rate.”
- If you’re looking for great ROI, then Bradford properties should definitely be on your radar. According to the Office of National Statistics, Bradford’s home prices are rising faster than the national average. To be precise, the latest data shows an 11.5% increase in property prices just over the last year.
- Regeneration plans for this hidden gem of the north of England are what property investors should pay the most attention to. Some of the most notable ones are:
Broadway Shopping Centre
City Centre Growth Zone
- With one of the strongest economies in the UK, Bradford is becoming increasingly more attractive to a wide demographic. So much so, that by 2030, the population of Bradford will reach 565,000 people.
- If you’re looking for a property to let, Bradford can offer you a very stable rental market. Bradford has around 250,000 employed people, along with more than 32,000 self-employed people. Not to mention the significant student population at the University of Bradford – 7,435 undergraduates and 2,225 graduate students.
What to expect from your Bradford properties?
Alongside having one of the youngest populations in the UK, Bradford is becoming ever more inviting for a wide range of businesses.
Now, what does that mean for you as an investor?
If you’ve been looking for a property to let, Bradford is the ideal place for you. With a steady stream of tenants, you won’t have to worry about demand any time soon.
Not to mention, that property in Bradford will offer far higher rental yields than most places in the UK. For example, some properties in the BD1 area can offer between 8 – 10% rental yields.
Moreover, Bradford property investment is still considered as relatively affordable. So you should join the wagon before the predicted price growth hits to yield the best returns.
To be more specific, Bradford property prices currently stand at:
Detached property: £268,355
Semi-detached property: £152,782
Terraced property: £110,959
Flats in Bradford: £82,741
While buy-to-let property investors will surely rejoice with the predicted population growth, let’s not forget about the opportunity the University of Bradfords offers.
Namely, the 7,435 undergraduates and 2,225 graduate students. A strong student population seeking affordable accommodation should catch the eye of those interested in this type of investment.
Although it’s worth mentioning that students in Bradford are more interested in renting apartments, rather than living in HMOs.
Here’s another important note, that definitely goes in favour of all those on the lookout for a property for sale in Bradford.
Bradford Council’s Private Sector Lettings Scheme offers landlords a free tenant finder service offering help with matching their property with prospective tenants.
Let’s not forget about the growing economy & regeneration, though!
Bradford’s economy is worth more than £11.6 billion and is expected to grow by approximately 25% over the next decade.
In addition, it’s still considered as one of the most affordable cities in the UK. So young business owners, professionals and even entire families are choosing Bradford to start a new life or a business.
Where to invest in Bradford?
Now that we’ve covered why this ambitious Northern city is one to watch. Also why it’s a good place to get in early to reap the benefits as the city grows. The time has come to reveal some of the best spots to start searching for properties for sale in Bradford.
- Bradford City Centre– Bradford’s BD1 postcode is popular with students and young professionals and it can also deliver yields as high as 10%. So if you’re on the lookout for a but-to-let property in Bradford, these are the prices you can expect:
prices in the BD1 area currently stand at £59,390. The majority of sales in the past year were flats, with an average price of £51,350.
Properties Aspen Woolf has on offer are predominantly in this area. So if you’re interested, contact our team today.
- Manningham– Located in the inner-city suburbs, this Bradford area houses some of the cheapest properties you can find. Last year,proeprty prices in this area averaged at £91,950.
- East Bradford– a perfect location for all those in need of an easy commute to Leeds & the Centre of Bradford. You should check out areas like Thornbury, Laisterdyke, Greengates, Apperley Bridge and Ravenscliffe.
- Ravenscliffe offers semi-detached properties at an average price of £218,165. Whereas, Thornbury had an overall average price of £95,000.
- South Bradford– another ideal area for commuters, in close proximity to the M606 and M62. The areas you should focus on offer a wide range of properties, and they are:
- West Bowling, Wibsey and Low Moor– Properties in West Bowling stood at an average price of £93,430. While properties in Low Moor had an overall average price of £143,487 over the last year.