The North of England is fast becoming an investment hotspot, particularly big cities like Manchester and Liverpool; however upcoming towns in Yorkshire are also putting themselves on the map - Halifax in particular. In fact, in 2016, Halifax was named the fourth best place to invest in property in the UK joining giants like London, Lincoln and Gloucester at the top of the buy-to-let market tables. Halifax has become a particularly popular destination for investors as they are able to take advantage of high yields on properties of a very high standard due to the property in the town being below the UK national average price.
The average house price in Halifax is just £174,217 (2017) according to Zoopla, compared to the UK national average of £225,956. This average house price is also rising at a slower rate than the UK national average - just a 14.6% rise in the last decade, compared to 18.06% nationally (Global Property Guide, 2018). These house prices translated onto a buy-to-let investment mean that a large number of developments in the town will see yields of 7+%.
"Current real estate property in Halifax offers an unmissable investment opportunity, with drastically undervalued prices compared with other key cities in the north" (Fitzwilliam Capital Partners, 2017). While the average rental prices in Halifax are below the average of nearby cities such as Bradford, Leeds and Sheffield, this does open up opportunity for investors to market towards a growing population of commuters and young families looking for lower rental prices, with the convenience of still having great transport links to nearby cities for work and leisure, as well as living in a town with a rich heritage and exciting culture.
Halifax is quickly becoming a commuter favourite for those who work in nearby Leeds, Huddersfield and even Manchester. Situated in the beautiful surroundings of the Calderdale Valley, the town offers an opportunity to invest in a rapidly expanding industrial town; home to a population in excess of 91,000 which is expected to grow by 5,000+ in the next 20 years. An attractive statistics for buy-to-let investors, however is not in the number of residents but in the fact that over 60% of the households in the town are privately rented accommodation.
The town's quality of life and high school standards are also something attracting many investors to the area, with many families from Leeds and other local major cities choosing to live further afield for the better quality of life and opportunities for their families. Halifax isn't just for commuters either - with 8,000 businesses and the highest level of start-ups in the region. It's also the home to Eureka!; the perfect location for start-up or small businesses, and freelancers to work in a tech savvy and creative environment.
Halifax has also undergone a £58 million regeneration in recent years, transforming the town into a hub of culture and heritage. The project has already seen the transformation of Piece Hall and New Central Library and Archive, and there are plans for improvements to the Halifax Railway Station, road and cycle links around the town. Calderdale Council described the renovation as "once-in-a-lifetime travel improvements and regeneration in Halifax town centre", transforming the location in a way that will encompass the modern world, whilst also keeping true to its rich and unique heritage.
"Halifax has a real up-and-coming vibe to it right now, with Piece Hall having kick-started an elevated level of interest in the town. Buyers and renters are particularly interested in being a part of the town's cultural heritage, and the textile industry is the epicentre of that" - Ray Withers, Partner at Global Edge and CEO of Property Frontiers.