Generation To Let
With property prices soaring nationally and local authorities under pressure to build at record levels, the answer seems to be in the skies. And yet with Bradford amongst the most affordable places in the UK to buy a property, why is it that the young cannot get a foot on the ladder? [Cover picture is High Point a conversion of the old Yorkshire Building Society Head Office into eighty-seven so-called apartments at the top of town in Bradford.]
I initially stumbled across the comments below back in March and was staggered. It is clear that the recently announced Bradford Local Plan, with ambitions to build 7,000 new dwellings in the city centre over the next seventeen years, is seriously flawed. Consider this from someone living in the city centre.
Last week I had my 4th mortgage declined for a flat in the city centre…I’m passing credit checks each time but the flats are failing based on valuer’s comments! I have tried small flats for £50k, I have tried larger ones at £70k and every time they are coming back with the same issue: “There is little to no demand for the property for owner occupation. Demand for this property will be investor led”. In short, they will not lend because most of the blocks in Bradford have buy to let mortgages on them. it is impossible for people that work in the city to buy here.
All the flats I have applied for have a good LTV (loan to value) of at least 70% and one of them was even 50%. Regardless of this, every flat has been £0 rated on survey! I should also make clear, the flats I selected had the following criteria: a service charge of less than £1500 PA, sensible ground rent, lease remaining over 100 years, no cladding, no known major issues and have a functioning management company. Sadly, this doesn't leave many to choose from.
The city centre accounts for broadly a quarter of the commitment made by Bradford Council to Government in the Local Plan; if these numbers do not stack up, the whole plan fails. And the targeted annual completions are also a stretch based on historic performance. Here is another comment.
…contacted about 4 different estate agents recently who all said that the properties were only really suitable for investors, all for different reasons (most alarmingly, that the building didn't have the right cladding).
This was surprising as much of the stock in Bradford appears to be conversions of old buildings. I do not see much evidence of significant new build outside of the university footprint. Here is another.
I always wondered why one of the cheapest…cities in Yorkshire is so dead…at least for first time buyers this should be the place to be. Flats for £50k…why is no one buying?
In affordability terms, Bradford is one of the cheapest cities in the country and still, young people cannot get a foothold. The Council have plans for a new £23m market but the centre is a ghost town. Yet, if Bradford city centre is to recover, it can only be led by the younger population as the truth is that many – thirties and upwards – have fled after years of ineptitude. The jobs, shops, bars and the money are all elsewhere.
I've always thought that the cheap property prices could be used in the city's favour... that the city could be marketed as a place that people stuck renting could get their foot on the property ladder. Even if it wasn't their ideal location it would become a nice deposit for a future move…if the city centre had more owner occupier then the community would become more settled, and more attractive to others tempted to move into the city centre.
Not only is the centre deathly quiet, it is also viewed as dangerous, especially by women as explained here.
I no longer feel safe here after dark, my female neighbour says the same, my male neighbour is concerned about the lack of policing. 70%+ of the flats are single occupants - if we cannot walk home safely, we may well not go out. When there is a police presence the anti-social behaviour throughout the small hours and vehicles driving and parking anywhere they want stops, so it is entirely possible for the late-night economy and residential to co-exist.
In June The Yorkshire Post published a spread in the property section claiming a positivity around Bradford that is also creating excitement within the city’s property market. This, in the midst of a nationwide property boom, should be of little surprise but the major part of the article focused on the renovation of the iconic Conditioning House mill complex by Priestley Construction.
It is a beautiful old mill and the conversion appears to be top quality, at least judging from the promotional photos, so hats off and credit where due to the developers. According to the article demand has been strong. Just 15 of the apartments are still on the market with over 100 sold off plan was the figure at the time of the article. The worrying thing though, set against a beautiful building being brought back to life - a big positive - is that investors have made up the bulk of the buyers...20 per cent are owner occupiers.
Although the Managing Director of the developer, Nathan Priestley (pictured above in 2018) concedes they had been wanting a better ratio of owner to investor, his primary goal is to sell each and every apartment. Which sums up the issues I began with so far as younger generations getting a foot on the property ladder as against becoming Generation To Let .





