Why Bradford is now one of the UK’s rental price hotspots

Property search giant Rightmove has revealed that rents have increased by 19.8 per cent over the past year.

Yorkshire estate agent, Dacre, Son & Hartley, is now receiving an average of seven applications for every property it lists.

Luke Parkin, lettings manager for the Aire Valley area, is expanding the company’s rentals portfolio throughout Bingley, Saltaire, Baildon, Keighley, and surrounding areas.

He said: “The market is extremely busy and we’re averaging seven applications within 10 days of listing a property, so it’s very competitive for tenants because there are a lot more of them than available properties right now.”

Rightmove’s latest quarterly rental trends tracker named Bradford as one of the UK’s top five rental price hotspots, with average rent rising from £634 to £759 in the past year.

This 19.8 per cent increase compares to a national average increase outside London of just 5.2 per cent.

Mr Parkin added that some landlords have sold their investments and exited the market due to tax changes, stricter EPC regulations, and the Renters’ Rights Bill.

He said: “This is where a good lettings division, with the knowledge and expertise to guide landlords through the legislation and ensure they maximise returns on their investments, can really add value.”