Credit: Landlordsdefence.co.uk
Northern Property Hotspots Continue to Shine
Cardwells Estate Agents highlights a new list of investment hotspots prepared by the rapidly growing UK property portal OnTheMarket. This list, which focuses on the second quarter of the year, compares data from the first quarter to reveal trends and changes in the property market.
Bradford has maintained its position as the leading investment hotspot in the country for the second consecutive quarter, thanks to buyers priced out of Leeds seeking more affordable alternatives nearby. Blackpool has risen to second place from fifth, and Rochdale has made a significant leap from 23rd to third place. Plymouth, the only southern location in the top five, climbed from 22nd to fourth place, while Leicester also entered the top five, moving up from ninth.
Overall, OnTheMarket’s data shows that the north continues to dominate in property investment activity, with vibrant and affordable locations attracting the most attention. Only one southern location made it into the top ten. This trend is driven by 14 base rate increases since December 2021, followed by seven meetings where the Bank of England has maintained interest rates at 5.25 percent. The shift towards remote working has also allowed buyers to consider more distant, less expensive areas away from city centres.
Other notable movements in the index include Wakefield, which jumped from 30th to ninth place, and Birmingham, which fell from 23rd to 43rd. Demand in Wigan has cooled, dropping from second to 15th place, while Liverpool fell from 11th to 30th. Worthing, a southern hotspot, plummeted from 20th to 53rd place, and Brighton was named the ‘coolest’ hotspot on the list.
In the London boroughs, fluctuations were less pronounced. Newham entered the top five for the first time, moving from 10th to fifth, while Hounslow dropped from fourth to ninth. Boroughs such as Lambeth, Southwark, and Merton all saw a drop of four places.
Insights from Andrew Cardwell on Rochdale’s Rise
Andrew Cardwell, managing director at Cardwells Estate Agents in the North West, commented on Rochdale’s elevation to third place: “Rochdale’s jump of 20 spots to third place is impressive but not surprising. Rochdale, along with Greater Manchester towns such as Bolton and Bury, has 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. It offers excellent value for money, is within easy reach of Manchester city centre, and has beautiful countryside.”
He added, “Since the pandemic, working habits and requirements for many have evolved, with remote working becoming much more common. This shift allows people to look further away from city centres, targeting areas that offer better value for money, beautiful countryside, and property types that might be unaffordable or unavailable in city centres.”
OnTheMarket’s latest index highlights the enduring appeal of northern locations for property investors, with affordability and remote working trends significantly influencing buyer behaviour.
