THE prices of more than one in eight houses in Bradford rose by more than the district’s average wage in the past year, the latest figures reveal.

Data from Zoopla shows that 24,000 homes in the district saw their value rise by more than £31,000 in the past 12 months – the district’s average annual salary.

This amounts to 13 per cent of properties in the district, with the average property value now standing at £156,000.

The research by the property website showed that by simply existing, 20 per cent of all homes in the country ‘earned’ more than the average worker in the past year.

Zoopla said that people may be surprised how much their home is now worth, and if they are thinking of moving it might now be the best time to trade up the property ladder.

While prices have gone up in Bradford they still trail behind the Yorkshire average, in which 17 per cent of homes have gone up in value more than the average annual salary – 321,000 homes across the region.

Why are house prices going up so much?

Put simply, demand. Zoopla said that since the housing market reopened after the first lockdown last year, demand from buyers has gone up, with people looking for more space or a change in lifestyle.

The stamp duty holiday, which lasts until September, has also fuelled momentum in the housing market with people looking to secure their new house as soon as possible to avoid the hefty extra tax – and seemingly happy to payer a higher price for their dream home.

Gráinne Gilmore, head of research at Zoopla, said: "Hundreds of thousands of households have made the move into their new home over the last year.

"But activity has been so high, it has eroded the stock of homes for sale, which has put upward pressure on house prices, with values rising by up to nine per cent in some parts of the country."