House prices on the rise in Bradford although not making capital gains

5:24pm Tuesday 19th August 2014

By Rob Lowson

HOUSE prices across Yorkshire and the Humber rose by six per cent in the 12 months up to June this year, according to figures released by the Office for National Statistics (ONS) today.

The average price paid for a house across the region is now £173,000, up from £164,000 at the same point last year.

Across the UK, prices have surged by 10.2 per cent to reach a new all-time high average of £265,000.

The data also revealed that a typical first-time buyer faces paying an average of £204,000 for their starter home, 12 per cent more than a year ago, which the ONS states is the highest annual increase since April 2010.

Nigel Scott, of Wibsey-based O'Hearne & Partners, and president of the Bradford & District Auctioneers and Estate Agents Association until April, described market conditions in Bradford as "steady" and said there were still good-value properties to be found.

"We're busier than we've been for a while," he said. "Prices are going up slightly, but vendors are becoming more sensible with their asking prices and buyers putting more sensible offers in.

"We tend to be slightly behind the trends and prices in the south, but they work their way up.

"First-time buyers are struggling a bit with deposits because of stricter mortgage criteria, but the level of demand and supply is still good."

Property values in London have continued to increase around twice as quickly as those across the rest of the UK, with the capital seeing a 19.3 per cent jump in prices in the 12 months to June, with the average house price in London now £499,000.

The North East retains the lowest average house prices, at about £150,000, but all regions across the UK have seen house price growth over the last year.

Ibrar Hussain, director at Hunters estate agents in Godwin Street in Bradford city centre, said his firm had noticed the price rises on properties ranging from £40,000 right up to £600,000.

"Reports about price rises in London and the south make people think their houses should be sold for slightly more than they should be," he said.

"Affordability has gone down now, people can't afford to buy the same house they maybe could have done six or seven months ago.

"The prices will continue to go up until interest rates start rising, then it should become steady for the next year or so.

"Over the last five or six months, the first-time buyer market in Bradford has definitely slowed down.

"There are still properties out there for first-time buyers, but they are not to everyone's taste, maybe in areas where people don't really want to live.

"People are holding on now saying let's see what happens with the market, and maybe saving an extra few thousand pounds while they wait."

Taz Mo, a private landlord with properties in Low Moor and Little Horton, said he has been told by estate agents that a house he bought for £69,000 in 2007 is now worth £51,000 in the current market.

"You hear about house prices going up, but it doesn't seem to affect Bradford," he said.

"Prices seem to fluctuate, and event the rental market is struggling.

"The area the property is in is the most important thing, but young people can't afford to buy when they leave university or college, and landlords are struggling to buy more properties because we can't sell what we've got."


© Copyright 2001-2017 Newsquest Media Group

Click 2 Find Business Directory