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Yorkshire bucks UK property market trend, as Bradford apartments define new concept of city living
March 19, 2014Article by Ray Withers
Yorkshire is an area that I keep a close eye on, given Property Frontiers’ latest buy-to-let investment opportunity in Bradford. It’s a county known for its strong regional identity and, most recently, for the strength of its property market compared to the rest of the UK.
New buyers create buoyant local market
The latest data provided by the Royal Institution of Chartered Surveyors (RICS) has shown that the number of new buyers in Yorkshire rose for the 11th consecutive month in February 2014. The same report revealed that the number of properties coming onto the market during the period did not keep up with demand, highlighting the need across Yorkshire for new properties.
Within Yorkshire, Bradford city centre is one of my favourite places. The youthful energy with which the city seems to buzz is infectious. I read recently in the latest Census data that Bradford has the largest proportion of under 19 year olds in Yorkshire and you really do get a sense of the dynamism that this creates as you explore the city. Bradford is also Yorkshire’s fastest-growing location based on the Census data, with the population increasing from 470,800 to 522,500 in the decade to 2011.
Leading the UK
While the demand for homes in the UK slowed last month according to the RICS data, Yorkshire bucked the trend. The county’s strong property market and Bradford’s excellent rate of growth are key reasons why Property Frontiers chose the city as the perfect location for its buy-to-let city centre apartments.
Offered at 25% below market value and with 9% return on capital, with 50% LTV developer finance available, the apartments have been understandably popular with Property Frontiers’ investors. I visited the apartment site last week on behalf of our clients, to see for myself how the construction was progressing.
The Bradford apartments represent a new concept of city living for the area, making them a particularly exciting project. Construction of the first phase is well underway, leading this innovative new development, which is set to attract a mix of young professionals and international students, in line with the current demand being experienced within the city.
A well-planned future
I was also interested to see, during my recent visit, the government and private sector’s ambitious £1.5 billion joint regeneration Masterplan project taking shape in Bradford. The planned makeover of the city centre will see improved transportation links and a host of new public spaces. This is in addition to the £35 million dedicated to the City Centre Growth Zone, which will see an increase in business activity and investment within the city centre area.
Naturally such large-scale plans will require appropriately luxurious housing, again reinforcing the timely nature of the Property Frontiers investment opportunity there. With prices from just £50,000 for a one bedroom apartment and £90,000 for a two bedroom apartment, this is one investment opportunity that is sure to be snapped up in record time.
For more information on high yielding buy-to-let opportunities in Bradford and other leading cities, contact Property Frontiers today or call +44 1865 202 700.