Are you wondering whether now’s the right moment to get a foot on the property ladder in Bradford? With its mix of affordability, rental demand, and lifestyle appeal, this thriving West Yorkshire city could be an ideal spot to buy a property.
From affordable prices to impressive rental yields, we look at the factors that could make 2024 a great year to become a Bradford homeowner or investor.
Yes, it is worth buying a house in Bradford.
If you’re looking for an affordable entry into the property market, Bradford could be just the place. The average house price in the city currently sits at £185,480, significantly lower than the UK average of £288,000.
Getting a foot on the property ladder is the biggest challenge for many buyers. Bradford’s relatively low prices mean the deposit required for a mortgage is far more attainable. A 10% deposit on the average Bradford home is around £18,550, compared to nearly £28,800 nationally.
An affordable property market
Bradford’s affordability extends to the rental market, making it a lucrative option for investors. With average rents of £833 per month, landlords can expect a robust yield of 11.6% on a Bradford buy-to-let investment. This high rental yield positions the city among the top in the UK, making it an attractive proposition for potential investors.
Another factor making Bradford an attractive option is the range of affordable property types available. Terraced houses are excellent value, selling for an average of £142,775. Alternatively, you could pick up an apartment for around £114,600.
Indeed, Bradford has been named one of the fastest places to sell a home in the UK. There’s no shortage of buyers here, a prime indication of the city’s appeal and why houses are so in demand.
What makes Bradford stand out?
Bradford is not just about affordable property prices. It offers a diverse and vibrant lifestyle that is sure to intrigue potential homeowners. From outdoor spaces to cultural attractions, this city delivers an appealing lifestyle, offering a multitude of experiences to explore and enjoy.
Scenic surroundings
Bradford may be one of the UK’s bigger cities, but it’s surrounded by beautiful countryside. The town borders the Pennine moorlands, while the Yorkshire Dales National Park is just a short drive away. Closer to home, Lister Park is an attractive green space right in the heart of Bradford.
Family attractions
Bradford is perfect for families with older, more significant properties that offer great value. The city also caters well to those with kids. Must-visits include the National Science and Media Museum, Bolling Hall Museum, and the Alhambra Theatre, which specialises in touring productions.
Sporting prowess
Sport is a big part of Bradford’s culture, giving homeowners plenty to get stuck into. The city has a passionate rugby league following, with the Bradford Bulls competing in the Super League. Bradford City AFC represents the area in football’s EFL League Two.
Diverse dining
Bradford’s restaurants and cafes offer an eclectic array of cuisines. The city is particularly renowned for its authentic South Asian food scene, which many consider one of the best outside London. Check out areas like Manningham for an authentic taste of Bradford’s diversity.
Are house prices going up or down in Bradford?
Bradford’s property market is showing promising signs of growth. Halifax reports that property prices have increased by 8.5% over the past 12 months, indicating a strong and in-demand housing market. This upward trajectory in property prices offers hope and optimism for potential buyers.
This is particularly impressive when you factor in the broader UK property landscape, where a cost-of-living crisis and rising mortgage rates have made people more frugal with their spending. Looking at the wider UK housing market, property prices have increased by only 1.9% over the last year.
Bradford has exceeded expectations when compared to overall property market trends. He has proven to be an intelligent choice for many people buying a home or investing in a buy-to-let in the city.
What is the cheapest area to live in Bradford?
Bradford is an affordable city, but some areas offer excellent value for money. If you’re looking to get the most home for your budget, these pockets of Bradford are worth considering.
Little Germany
Don’t let the name fool you—this centrally located enclave is quintessentially Bradford. Its terraced streets boast wonderfully preserved examples of back-to-back housing from the industrial era. The compact neighbourhood has a charming village feel, with independent shops, cafes, and pubs creating a thriving community hub.
Average price: £47,998
West Bowling
Situated just northwest of the city centre, West Bowling is an up-and-coming area popular with first-time buyers. It offers many tidy terraced properties and affordable semis, many with a classic Yorkshire stone exterior. You’ll find good facilities like schools, parks and travel links too.
Average price: £85,000
Manningham
One of Bradford’s most culturally vibrant areas, Manningham is famed for its stretch of South Asian businesses and eateries along Lumb Lane. The housing stock consists of well-priced terraces and back-to-backs dating back to the 19th-century mills. Manningham has a strong community focus and a sense of local pride.
Average price: £95,000
Hainworth
For a more village-like atmosphere, Hainworth in Bradford’s southeastern fringes could be the ticket. This former industrial hamlet offers inexpensive family homes surrounded by scenic countryside views. Despite the semi-rural setting, you’re still just a short drive from Bradford’s city centre.
Average price: £99,000
Tong
Another affordable suburban village, Tong, has a rich history of over 1,000 years. Quaint stone cottages and spacious semis with gardens line its village streets, providing excellent value alongside a semi-rural lifestyle. Residents have convenient access to Bradford, which is also near the open spaces of Tong Valley.
Average price: £100,000
Is Bradford an excellent place to invest in buy-to-let?
With its low property prices and strong rental demand, Bradford is an attractive option for investors. The city ticks several key boxes that appeal to renters, underpinning its investment potential.
Again, the average rent in Bradford is £833 per month, an impressive 8.1% rise from the previous 12 months. Looking at these numbers, it’s fair to say that the city showcases growing demand for rental properties from tenants.
Bradford’s demographics also favour buy-to-let. The city has a huge student population, with the University of Bradford alone having over 10,000 students enrolled. As a result, there is consistent demand for affordable rental housing near campuses.
For investors, a diverse pool of tenants provides options. You can cater to the student market, go for professional sharers, or fill family homes, potentially allowing you to customise your strategy.
Affordable Property in Bradford
Regarding UK cities, Bradford is up there when buying a property. Lower-than-average entry prices coupled with high demand mean the city’s future projections in the property market look strong. There’s an opportunity to get in at an affordable level and see your house’s value grow in the long run.
If you’re a cash buyer in Bradford, We Buy Any Home’s cash-buying service can help you buy a property fast. Contact us and tap into our expert market insights to find the right Bradford property for you.
