Home prices soar in boom town Bingley

From the Telegraph & Argus, first published Saturday 15th Jan 2005.

House prices in Bingley saw the biggest rise in West Yorkshire and one of the highest in the UK in 2004, a new survey revealed today.

The survey found the town was the 27th fastest-growing hotspot in the UK, with prices increasing on average by 37 per cent.

But the Halifax quarterly house price index revealed that first-time buyers were being forced to ignore Bingley and look to more affordable areas such as Keighley for a home because of the sharp increases.

The survey revealed the average house price in Bingley was £193,243 last year, compared to £140,937 in 2003.

Figures compiled by the Halifax and released to the Telegraph and Argus have revealed the average house price in Bingley has risen from £49,432 in 1988 by a massive £143,811.

Chris Stonock, the Halifax Estate Agency's regional manager, said many first-time buyers were looking to purchase property elsewhere because prices were lower.

"Affordability constraints and a shortage of suitable properties in Bingley are forcing first-time buyers out of the market," he said.

Mr Stonock said as a result there had been an increased interest in Keighley where the average house price had risen over the past 12 months by 12 per cent to £121,430.

The T&A has previously reported how the Bingley Relief Road had been a key factor in the house price boom and Mr Stonock said the town had continued to benefit from its opening.

"The housing market in Bingley has benefited from the £47.9 million relief road which opened in December 2003, and its excellent rail links," he said.

"Leeds can now be reached within 20 minutes and this has clearly positioned Bingley as a commuter town."

But Andrew Hodgson, manager of Dacre, Son and Hartley estate agents in Main Street, Bingley, disagreed with the latest figures.

Mr Hodgson said: "I would agree that first-time buyers are finding it quite difficult to find properties in the town.

"But I don't think Bingley has done significantly better than surrounding areas in the last year."

Mr Hodgson said the average price of a terraced house in the town was £120,000, a semi-detached £165,000 and a detached £240,000.

He said sales of detached houses pushed the average price up and could distort the figures.

The survey revealed that Bradford saw house prices rise by 25 per cent in 2004 reaching an average price of £97,570, compared to £78,148 in 2003.

Ilkley house prices rose on average from £215,211 to £274,238, Shipley from £126,714 to £147,679, and Skipton from £178,531 to £199,956.

Across West Yorkshire the average house price rose from £113,760 in 2003 to £135,159 last year.

But despite the strong annual price growth, the survey revealed there were signs the property market was slowing down.

Across the Yorkshire and Humber region the average house price grew by 1.2 per cent over the final quarter of last year, the smallest increase for more than three years.

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