BRADFORD district has been identified as a negative equity hotspot, with the average house being worth less today than it was ten years ago.

According to research from online estate agents HouseSimple.com, while many people have seen the value of their property recover since 2008, when global financial markets went into freefall, hundreds of thousands of UK homeowners who bought property just before the crash – at the top of the market – are still stuck in negative equity a decade later.

The survey compared average house prices in June 2007 and June 2017 in more than 60 areas in England and Wales.

Almost 1.5 million property transactions were completed in 2007 when property prices reached peak levels.

Research showed the average house price across the Bradford district was £135,383 in 2007 compared to £134,003 today, a reduction of around one per cent.

Allan Booth, director of RBS Architects and chairman of Bradford Property Forum, said: “I think it is a bit of a generalisation because of the different areas of the district, but I would say it was true that prices are lower than in 2007.

“It is a difficult one and there is no magic wand. How do you make house prices go up?

“Obviously those with a house want it to increase in price while those house hunting want prices to remain low.

“Having said that, I think there is a demand for more houses and certainly the type of homes for working people and families. One of the issues in parts of Bradford district is the quality of some of the housing stock.

“However, I do feel that Brexit has had something to do with a slow in growth but I feel there are now signs, or rather a feeling in general, that prices may begin to move again.”

Alex Gosling, chief executive of online estate agents HouseSimple, added: “The last ten years has been a golden period for many UK homeowners who have sat back and watched the value of their homes rise to record levels.

"Unfortunately, there are pockets of the UK where property prices have been literally stuck in the past. Many of these homeowners will have been in negative equity for a decade.”

Bradford is one of four districts in the Yorkshire region that has not seen property prices recover to pre-financial crash levels.

“Many of these homeowners are likely to be still in negative equity," said Mr Gosling.

“However, unless you have to move right now, it’s best to wait for prices to rise, so that at least you’re not losing money when you do move.”

Despite the gloomy news for Bradford, the area is certainly not the worst-performing. That accolade was given to Blackpool where the average home was worth 15 per cent less today – an average of £105,406 – than it was ten years ago.

Proving that house price recovery was stronger in the south, London recorded a hefty 68.5 rise, followed closely by Cambridge at 64.5 per cent.