Investing in Bradford – 2024

Incredible Growth

Fast Growing Population 

Across the UK, Bradford has the fastest-growing population outside of London. It is one of the top 5 cities with the largest population, with a total of over 530,000 residents. Additionally, Bradford Council stated that the city’s population is predicted to grow by a further 3.7% by 2030, equaling an additional 20,000 people. 29% of the population is under 20, compared to the UK’s average of 21% this is high. This will mean landlords that are investing in Bradford receive strong and rising demand from the youthful and expanding population. 

Increasing Property Prices 

As of June 2024, the average Bradford property price was £181,000, showing a large increase of 7.4% from June 2023. This growth outperformed the 4.7% rise across Yorkshire and The Humber over the same time. JLL predictions show that Bradford could see incredible house price growth of up to 21% in the next 2 years. Making now the perfect time for investing in Bradford property to experience significant capital appreciation 

Private Rents Rising

In July 2024, private rents in Bradford reached an average of £683, which is an annual growth of 8.2%. This increase is a higher rate compared to the wider Yorkshire and the Humber which saw a rise of 7.0% over the year. The average monthly rent in Bradford is significantly lower than the UK average of £1,308 PCM, leading to higher demand from renters looking for more affordable properties and a lower cost of living.

City Regeneration

The city’s regeneration efforts, from retail spaces to world-class services, communal areas to office buildings, have completely transformed Bradford. These developments have created thousands of job opportunities and infused the city centre with a vibrant culture. 

There are many benefits of regeneration, from rising demand to job opportunities, every city undergoing regeneration is sure to receive positive effects. Regeneration in the city will only increase over the next three years, so investing in Bradford will increase ROI as properties experience significant capital appreciation.

Here are some of the key projects currently driving Bradford’s impressive transformation:

City Village– Bradford Council purchased Kirkgate shopping centre for £15.5 million in a move to reshape and revitalise the city centre. The project aims to create a vibrant area for around 1,000 attractive new homes and a business hub for trade, investment, and growth. 

Bradford Live– Massive transformations are underway at Bradford’s iconic Odeon Theatre, which will become a 3,800-capacity music venue. Once open, the reborn Bradford landmark will attract 300,000 predicted annual visitors.

One City Park– A £35 million project to introduce a new five-storey grade A office space in Bradford City Centre is underway. One City Park will approximately accommodate 450 new jobs, bringing skilled professionals to Bradford. 

Darley Street Market- A three-floor market will be introduced in Bradford City Centre. Open until the evening to kickstart the night-time economy and benefit from the city’s thriving young population. The goal is to increase small business activity in the city and create unique experiences for visitors.

West Yorkshire mass transit system– Tracy Brabin, West Yorkshire’s mayor, announced plans for a tram system to be introduced between Leeds and Bradford. Aiming to create a more connected and greener area and to help communities expand and the economy grow.

Excellent Connectivity

Bradford’s strategic location and reliable transport links make it a desired location for both businesses and residents. The city is in close proximity to many major cities such as Leeds and Manchester, as well as having great connections to the rest of the UK.

Bradford’s exceptional connectivity combined with its affordable property prices makes it an incredibly appealing city. In today’s market, many seek homes that offer lower costs while providing easy commuting options, Bradford offers exactly that. As a result, investors in Bradford can expect to experience a high tenant demand. Leading to increased rental income and a higher return on investment.

Road – The M62 and the M606 are both within close proximity to Bradford, offering more simple commuting. The M62 is a 107-mile motorway that travels west to east through the north of England, connecting major cities such as Liverpool, Hull, Bradford, Leeds, Manchester, and Wakefield. 

Rail – Bradford holds 2 main train stations, Bradford Interchange and Bradford Forster Square. Trains from these stations provide regular services to cities such as Leeds, Manchester, and London. Allowing travel to key destinations and boosting the city’s desirability to working professionals, students, businesses and investors.

Air –  Located a 25-minute drive from Bradford city centre there is Leeds Bradford Airport, Yorkshire’s largest airport. Providing access to international locations and allowing people from overseas to travel to Bradford with ease. Several other international airports like Manchester Airport, and Doncaster Sheffield Airport are also accessible from Bradford.