Bradford may not be the first place property investors think of when deciding where to make their next investment. But thanks to its excellent location, brilliant housing market and growing economy, investors should definitely seriously consider it. Here are five reasons to make your next property investment in Bradford.
1. Excellent investment market in Bradford, Little Germany
Bradford has some of the most affordable property in the country. Property prices here are typically a third the cost of those in London, and often much cheaper than neighbouring Leeds. There are great yields to be made in Bradford, with its Little Germany area delivering yields of 9% – one of the best in the UK.
2. Growing economy
Bradford has the eighth largest economy in England and is valued at £9.5billion. Over the past decade it has grown by 25% and contributes 15.4% to the growth of the Leeds City Region.
Bradford has truly recovered from de-industrialisation and is now home to many of the UK’s top financial organisations, including Provident Financial, Yorkshire Building Society, and Santander UK. Morrisons, Hallmark Cards and Yorkshire Water are just some of the other household names that have set up their head offices in Bradford.
With plans to add another 20,000 people to the local workforce and upskill 48,000 local residents, another £4billion is set to be added to Bradford’s economy.
3. Northern Powerhouse effect
notably London – helping Bradford become a sought-after commuter base. This will definitely boost house prices in the city, so there is no better time to invest in Bradford than now.
4. Massive regeneration due to huge Bradford investment
Huge redevelopment projects have transformed Bradford, turning it from an industrial heartland into a gentrified, cosmopolitan centre.
Recently, over £700million has been invested into Bradford. This has helped create massive retail and leisure space in the city’s new ‘The Broadway’ complex, as well as public areas, office space and extensive eateries and bars.
A further regeneration scheme will see another £75million invested into Bradford. This will restore much of Bradford’s heritage areas, including its markets and St George’s Hall. Grade A office space and around 1,000 new homes are also being built as part of this project.
5. Population growth
With one of the fastest growing populations outside of London, the Bradford property market is struggling to keep up with demand. Bradford’s population is also one of the youngest outside of the capital, serving a huge number of students and young professionals. As these are the demographics most likely to rent, it creates great buy-to-let investment opportunities and sustainable tenancies.
To find out more about property investment in Bradford, contact North Property Group.