Nestled in the heart of West Yorkshire, Bradford is a city steeped in history and industrial heritage, with a bright future ahead. Once a hub of the textile industry during the Industrial Revolution, Bradford has undergone a remarkable transformation in recent years, attracting attention from property investors and businesses alike.
The city’s unique combination of economic growth, excellent connectivity, and cultural diversity has placed it firmly on the map as an important property investment location in the UK.
In this article, we will delve into our top 3 factors that make Bradford an attractive destination for property investors, highlighting the opportunities and potential rewards that await those who choose to invest in this dynamic, up-and-coming city.
Economic Growth and Development
One of the main reasons to invest in Bradford is its strong and growing economy. According to the Office for National Statistics, Bradford’s employment rate rose to 74.7% in Q4 2022, surpassing the national average of 74.5%. This impressive performance is attributable to the diverse range of industries present in the city, including retail, manufacturing, digital technology, and finance. This has led to an increase in
job opportunities, attracting talent from across the UK and beyond resulting in a high rental demand and a continuous increase in capital growth.
Key Economic Highlights in Bradford Include:
1) Business Growth: Bradford has been ranked the second-best city in the UK for start-up survival, with a five-year survival rate of 43.6%, compared to the national average of 40.2% (ONS, 2022). This is partly due to the support offered by the local council, as well as numerous initiatives aimed at fostering entrepreneurship, such as the ‘Bradford Kickstart’ programme and the ‘Bradford Business Growth Hub’. This thriving business ecosystem has attracted a wealth of talent to the area, leading to increased demand for residential and commercial property.
2) Manufacturing: The city has a proud industrial heritage, and manufacturing continues to play a key role in the local economy. With a skilled workforce and access to advanced technology, businesses in sectors such as advanced engineering and textiles have found a welcoming home in Bradford.
3) Digital Technology: Bradford has been positioning itself as a digital hub, with investment in infrastructure and initiatives like the ‘Bradford Digital Exchange’. Bradford’s digital technology sector has continued to thrive, contributing to the growth of the property investment market. Tech Nation’s 2022 report revealed that Bradford’s digital tech turnover reached £1.1 billion, with a 98% increase in job creation between 2015 and 2022. This rapid expansion of the digital tech sector has spurred demand for office spaces, as well as residential properties for the growing workforce.
Excellent Connectivity
Bradford’s strategic location and excellent transport links make it an ideal base for businesses and investors. The city benefits from its close proximity to major cities such as Leeds and Manchester, while also being well-connected to the rest of the UK and beyond.
Key connectivity highlights in Bradford include:
1) Road – Bradford is easily accessible via the M62 and the M606, which provide quick and convenient connections to the major motorway network across the UK. The city is also served by the Aire Valley Trunk Road, a key transport corridor that links the city to Leeds and the wider region.
2) Rail – Bradford’s two main train stations, Bradford Interchange and Bradford Forster Square, offer frequent services to destinations such as Leeds, Manchester, and London. Moreover, the upcoming Northern Powerhouse Rail project promises to further enhance Bradford’s rail connectivity, reducing travel times to key destinations and boosting the city’s attractiveness to businesses and investors.
3) Air – Bradford is within easy reach of several international airports, including Leeds Bradford Airport, Manchester Airport, and Doncaster Sheffield Airport. This provides convenient access to both domestic and international destinations for businesses and residents alike.
Cultural Diversity and Quality of Life
Bradford is a vibrant, multicultural city, with a rich tapestry of cultures and traditions that make it a unique and appealing place to live, work, and invest. The city boasts an array of cultural attractions, including the National Science and Media Museum, the Alhambra Theatre, and the UNESCO-listed Saltaire Village.
Key Quality of Life Highlights in Bradford Include:
1) Affordable Housing – Bradford offers a range of affordable housing options, making it an attractive destination for families, young professionals, and investors. According to the UK House Price Index, the average house price in Bradford was £155,600 in December 2022, still significantly lower than the UK average of £268,800.
This affordability has attracted first-time buyers, families, and property investors alike, resulting in a thriving property market. In addition, the city has seen significant growth in its property market, with new developments and regeneration projects creating exciting opportunities for investment.
One notable example is the £1.5 billion City Centre Masterplan, which in 2022 saw the completion of key sites such as the former Odeon cinema redevelopment and the One City Park office development. These projects are expected to create thousands of new jobs, attract more businesses, and further boost the local property market.
2) Education – Bradford is home to several high-quality educational institutions, including the University of Bradford, Bradford College, and numerous well-regarded institutions. The student population in the city has continued to grow, with over 15,000 students enrolled at the University of Bradford alone. The growing student population has created a robust demand for rental properties and student accommodation, making Bradford an attractive option for property investors targeting the student market.
Summary
In conclusion, Bradford’s property investment market is growing at a rapid pace, driven by a strong and diverse economy, an influx of new businesses, affordable housing, and ambitious regeneration projects. With its strategic location and excellent connectivity, Bradford is poised to become one of the most attractive property investment destinations in the UK, offering promising returns for those looking to invest in a city on the rise.
Learn more: Buy-to-let in Bradford
