Property investment is a strategic endeavour requiring a keen understanding of the geographical area and its economic outlook. Today we will be taking a look at the historic town Halifax as a potential location for property investment. If you’re looking for an opportunity that checks all boxes, Halifax, UK, should be your destination of interest.
The History of Halifax
Halifax, often referred to as the ‘Shoreditch of the North’, is a thriving town that presents an enticing mix of industrial heritage and contemporary development. Its history is steeped in cotton, wool, and carpet manufacturing, as well as being the original home of Quality Street chocolates and Halifax Bank. This, paired with its vibrant present-day economy, gives it a unique character and appeal.
The Present Day
Today, Halifax is a hub for banking and commerce, with a population of over 165,000 that has grown by more than 10% since 2002. This rising population has stimulated a demand for housing that, in turn, has led to an attractive property market. According to Rightmove, gross rental yields in the area are exceeding 6%, and house prices have risen by 5% since 2019, making Halifax a compelling prospect for property investors.
Quality of Life in Halifax
Halifax offers an exceptional quality of life that only adds to its appeal. Named one of the happiest places to live by Rightmove in 2022, it provides the best of both urban and rural living. With its advantageous location between the Peak District National Park and the Yorkshire Dales, the town offers easy access to the natural beauty of these areas.
A Thriving Economy
Economic growth in Halifax is reflected in the flourishing business environment. The Dean Clough business centre, home to approximately 150 SME companies, contributes significantly to local employment. In addition, the recent Northgate development has introduced new educational facilities, offices, and retail spaces, further driving business and investment opportunities.
Example Halifax Investment
One prime example of property investment in Halifax is Blackwall Corner. This contemporary development consists of an attractive assortment of studios, and one and two-bedroom apartments, located in the heart of the town. These apartments, offered fully complete and tenanted, promise generous yields for both long-term leases and short-term rentals.
Transport & Connectivity
Transportation in Halifax is also excellent. Its location, a mere four miles from the M62 and with a train station conveniently close, provides easy access to the rest of West Yorkshire and Greater Manchester. This places Halifax’s residents in the advantageous position of accessing job opportunities in the bustling economies of nearby Leeds and Manchester.
Halifax’s rich industrial heritage, thriving economy, robust rental yields, and excellent quality of life present a strong case for property investment. Whether you’re an investor seeking long-term growth or looking for attractive short-term rental yields, Halifax offers a property market ripe with opportunities. As the town continues to evolve and grow, the prospects for property investment in Halifax look brighter than ever.