NEW figures reveal house prices in Bradford continue to rise, and have increased by 6.4% in the last year.

A 0.7% rise in Bradford in April contributes to a long-term trend, which has seen property prices in the area grow by 6.4% over the last year.

However, this is much less than Yorkshire and the Humber as a whole which saw price rises of 12.1% during the same time frame.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

The need for larger deposits and constraints on accessing mortgages have pushed home ownership further out of reach for many first-time buyers.

In a recent speech, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.

The average Bradford house price in April was £164,210 and Land Registry figures show a 0.7% increase from March.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices increased 1.6%, and Bradford was lower than the 1.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Bradford rose by £9,900 – putting the area 19th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

First-time buyers in Bradford spent an average of £146,100 on their property – £8,400 more than a year ago, and £28,700 more than in April 2017.

By comparison, former owner-occupiers paid £177,200 on average in April – 21.3% more than first-time buyers.

Owners of detached houses saw the biggest rise in property prices in Bradford in April – they increased 0.8%, to £300,440 on average. Over the last year, prices rose by 8.6%.

Among other types of property: - Semi-detached: up 0.7% monthly; up 7.4% annually; £174,824 average - Terraced: up 0.7% monthly; up 5.4% annually; £133,878 average - Flats: up 0.5% monthly; up 2% annually; £109,387 average Comparing prices, buyers paid 18.6% less than the average price in Yorkshire and the Humber (£202,000) in April for a property in Bradford.

Across Yorkshire and the Humber, property prices are lower than those across the UK, where the average cost £281,000.

The most expensive properties in Yorkshire were in Harrogate – £338,000 on average, and 2.1 times as much as more than in Bradford.

 

Have you got a story for us? Email newsdesk@telegraphandargus.co.uk or contact us here.

Follow us on Facebook, Twitter and Instagram to keep up with all the latest news.

Sign up to our newsletter to get updates sent straight to your inbox.

You can also call us on 01274 705292.