Bradford was the leading property hotspot in the country in the fourth quarter of 2024, according to new research from OnTheMarket.
The property portal’s Hotspots Index reveals that apart from Q3 when Bradford was nudged off the top spot by Newcastle, Bradford’s appeal has proved enduring, also taking the top hotspot in the first and second quarters of the year.
Newcastle dropped to 9th place, while Leicester jumped six places to 3rd in Q4. Derby is a new entrant in the top ten, up from 12th in Q3, while Barnsley dropped out of the top ten completely, falling into 13th place in Q4.
The OnTheMarket Hotspots Index looks at the number of available sales properties and compares that against the volume of onsite activity, creating a score that represents the intensity of interest in that area. With property buying decisions heavily influenced by affordability, Bradford’s dominance may be due to buyers priced out of Leeds favouring the neighbouring and more affordable West Yorkshire city.
Overall, the north/south divide holds firm, with the top of the list dominated by some of the most vibrant and cheapest locations in the north seeing the most heat in terms of housing market activity.
Other notable big movers in the index include Crawley, which has jumped from 49th to 29th place and Birmingham, leaping from 23rd to 43rd.
Moving in the other direction, Middlesbrough has cooled significantly, dropping from 11th to 21st place in our rankings, while Slough has fallen from 27th place in Q4 to 37th. Bournemouth, one of the few southern locations to be considered a hotspot, fell from 45th to 50th place. The ‘coolest’ hotspot on our list is Southend-on-Sea.
London
In the London boroughs, there has been less fluctuation than nationally. The City of London remains the top hotspot with Barking and Dagenham also holding onto second place for a consecutive quarter. Meanwhile, Hounslow has entered the top ten, while Richmond moved in the other direction, falling from 9th in Q3 to 12th in Q4.
“Despite two base rate reductions in the second half of 2024 and one so far this year, mortgage rates are still significantly higher than many have grown used to," noted Jason Tebb, president of the OnTheMarket, "If you combine this with the higher cost of living and continued house-price growth in many areas, it is evident that many borrowers are struggling to get the mortgages they need to buy the homes they want.
“As well as higher borrowing costs, the post-pandemic shift towards working from home at least part of the week means buyers have more flexibility and can reasonably consider locations further away from city centres, which tend to be cheaper.”
