The property market in the UK has fluctuated significantly in the last decade, influenced by political movements, financial crises and even worldwide pandemics.

But how do these national statistics compare to Bradford?

Using Land Registry, we can compare average property prices to see how they have changed throughout the years.

We can also see if significant life events had an impact on the local property market.

Let’s take and in depth look at the Bradford property market to see how it has changed in the last decade.

How house prices have changed in Bradford
(Data from January 2010- October 2020)

As you can tell from the graph, property prices in Bradford have fluctuated significantly in the last decade.

According to the data, September 2020’s figures were the highest of the decade (£147,863).

When you compare the figure from January 2010 to the most up-to-date October 2020 data, property prices are 19 per cent higher.

Property prices were at their lowest in February 2013 (£111,109).

A stamp duty holiday was announced in July 2020 which was meant to be a financial incentive for locals to keep buying houses.

In Bradford, the incentive doesn’t seem to have immediately worked as property transactions between July and September decreased by 32 per cent.

When compared to other years, overall property transactions were also significantly lower.

As you can see from the graph, Bradford property transactions made in 2020 nosedived.

However, this is unsurprising given that house viewings were unable to go ahead and people were encouraged to stay at home.

How this data compares to the rest of England

While the average property price in Bradford is much lower than the England average, house price fluctuations have followed similar trends- but with a few key exceptions.

At the start of the decade, the UK was still recovering from the 2009 global financial crisis.

Gráinne Gilmore, head of research at Zoopla said average UK home values only recovered to pre-financial crisis levels in 2015 and have since “continued to climb”.

Ms Gilmore added that the North of England came out on top in terms of price growth in recent years which she puts down to “increased affordability” of houses in the area.

According to Land Registry, England’s figures have climbed by more than 22 per cent since January 2015.

When you compare January 2015’s figures to January 2020’s, house prices in Bradford haven’t climbed nearly as much (14 per cent); this is great news for people on the market for an affordable house but not so good for investors or those hoping to sell.

In April 2016, stamp duty was increased on additional homes and more expensive homes.

According to Gráinne Gilmore, this “slowed price growth” in the South of England.

However, the same can’t be said for Bradford where house prices increased by more than six  per cent  (between April- August 2016).

Grainne Gilmore added that the 2019 election also had a significant impact on UK housing prices.

She added: “The general election at the end of 2019 - which provided a definitive path forward for Brexit -  unleashed a new wave of pent-up demand [for property in the UK].”

Between the election and the announcement of lockdown (November 2019- March 2020) property prices increased by 0.6 per cent in England.

In Bradford, property demand and prices bucked the trend and property prices in the region decreased by 1.9 per cent.

Just like the rest of the UK, Bradford experienced a housing boom last summer when house prices began to increase.

Between May and September, house prices increased by more than 12 per cent 6.9 per cent, which is 7.3 per cent higher than England’s figure.  

A spokesperson for the Ilkley branch of Dacre Son & Hartley Estate Agent spoke to the Telegraph and Argus about the figure.

They said:  “House price growth has certainly taken place here over the last five or six months - which is extraordinary given the commentary at the beginning year that prices wouldn’t rise to this extent.”

How will house prices change in the future?

There has been a lot of activity in the property market in 2021 and a spokesperson for Zoopla said Christmas 2020 was their busiest festive period for a decade and the demand for property has spilled into this year.

This means it is bad news for those hoping to buy a more affordable house at the start of the year.

Ms Gilmore said: “Looking ahead, we expect house price growth to reach 5% … and then slow down by the end of the year as demand starts to ease in the second half of 2021.”