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Bradford and Blackpool Lead Urban Property Hotspots
Cardwells Estate Agents reports that the latest data from OnTheMarket’s Hotspots Index reveals that affordability continues to be a key driver in property buying decisions. Bradford has been identified as the top urban property hotspot for the second consecutive quarter, with buyers drawn to its affordable house prices and the overflow from pricier neighbouring Leeds.
Bradford’s property market benefits from a combination of reasonable pricing and increased interest from buyers priced out of nearby Leeds. Robert McCarthy, manager at Hunters estate agency in Bradford, highlighted that the area’s affordability is a major attraction for both first-time buyers and investors. He noted, “Bradford is seeing a significant increase in first-time buyers and investors, with properties available at various price points, from £70,000 for a two-bedroom terrace to £240,000 for a three-bedroom semi-detached house. This offers buyers more value for their money while keeping mortgage payments lower.”
Rochdale’s Remarkable Rise
Andrew Cardwell, managing director of Cardwell’s Estate Agents in the North West, commented on Rochdale’s significant climb in the rankings. “Rochdale’s jump to third place is impressive but not surprising. Earlier this year, Rochdale was recognised as one of the most affordable places to buy property, with an average house price of around £206,000. It offers excellent value for money, proximity to Manchester city centre, and beautiful countryside.”
Cardwell added that the shift towards remote working has further enhanced the appeal of areas like Rochdale. “The pandemic has changed working habits, allowing people to look beyond city centres for properties that offer better value, scenic beauty, and more space.”
Other Notable Hotspots and Market Trends
Plymouth also made a significant leap from 22nd to fourth place and is the only southern location in the top five. The city is home to HMNB Devonport, the largest naval base in western Europe, and boasts a range of shops and restaurants. Leicester, Stoke-on-Trent, Swindon, Sunderland, Wakefield, and Derby also featured in the top ten. Wakefield, in particular, rose dramatically from 30th to 9th place, while Birmingham climbed from 43rd to 23rd.
Conversely, some areas have seen a decline in demand. Wigan dropped from second to 15th place, Liverpool fell from 11th to 30th, and Worthing plummeted from 20th to 53rd, making Brighton the ‘coolest’ hotspot. In Brighton and Hove, the average house price was £422,000 in April, reflecting its coastal allure and proximity to London, but also its high cost.
London Property Market Stability
In London, the market has seen less fluctuation. Barking and Dagenham, Havering, Sutton, Redbridge, and Newham comprised the top five boroughs. Hounslow dropped out of the top five, while Lambeth, Southwark, and Merton each fell by four places.
Despite recent higher mortgage rates, the Bank of England is expected to cut interest rates this summer, which may stimulate the property market. Some banks and building societies, including Barclays and Halifax, have already begun lowering their mortgage rates in response to the anticipated changes.
Overall, the OnTheMarket Hotspots Index highlights the ongoing attractiveness of northern urban areas for property buyers, driven by affordability and changing working patterns, while southern hotspots and London boroughs exhibit more stability and less dramatic shifts in demand.
