House prices dropped more than average for Yorkshire and The Humber in Bradford in January, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.5% annual decline.
The average Bradford house price in January was £133,763, Land Registry figures show – a 2.6% decrease on December.
Over the month, the picture was worse than that across Yorkshire and The Humber, where prices decreased 0.9%, and Bradford underperformed compared to the 1.1% drop for the UK as a whole.
Over the last year, the average sale price of property in Bradford remained level – putting the area 18th among Yorkshire and The Humber’s 21 local authorities for annual growth.
The best annual growth in the region was in Barnsley, where properties increased on average by 7%, to £130,000. At the other end of the scale, properties in Ryedale dropped 4.2% in value, giving an average price of £220,000.
Winners and Losers
Owners of flats fared worst in Bradford in January – they dropped 3.1% in price, to £94,542 on average. Over the last year, prices dropped by 4.0%.
Among other types of property:
- Detached: down 3.0% monthly; down 2.1% annually; £236,850 average
- Semi-detached: down 2.4% monthly; down 0.7% annually; £141,801 average
- Terraced: down 2.4% monthly; down 1.2% annually; £109,682 average
First steps on the property ladder
First-time buyers in Bradford spent an average of £119,500 on their property – £1,800 less than a year ago, and £12,700 more than in January 2015.
By comparison, former owner-occupiers paid £143,600 on average in January – 20.1% more than first-time buyers.
How do property prices in Bradford compare?
Buyers paid 19.1% less than the average price in Yorkshire and The Humber (£165,000) in January for a property in Bradford. Across Yorkshire and The Humber, property prices are low compared to those across the UK, where the average cost £231,000.
The most expensive properties in Yorkshire and The Humber were in Harrogate – £284,000 on average, and 2.1 times as much as in Bradford. Harrogate properties cost 2.5 times as much as homes in Hull (£114,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average January sale price of £1.2 million could buy 14 properties in Burnley (average £86,000).
Factfile
Average property price in January
- Bradford: £133,763
- Yorkshire and The Humber: £165,383
- UK: £231,185
Annual growth to January
- Bradford: -1.5%
- Yorkshire and The Humber: +3.1%
- UK: +1.3%
Best and worst annual growth in Yorkshire and The Humber
Barnsley: +7.0%
Ryedale: -4.2%
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