When Stephen and Ellen Parr paid almost £30,000 for their house, they were buying not just a home, but an investment as well.

They hoped the value of the terraced home would creep up - ensuring their future and that of their five-year-old son Trafford would be financially secure.

Now they are caught in a monetary nightmare.

The value of their St Stephen's Road home in West Bowling has plummeted by 50 per cent - making it worth little more than £15,000.

And they are horrified.

Mrs Parr, 35, pictured, blames the situation on the escalating amount of rented accommodation in the area, troublesome children and a lack of respect for the upkeep of the road.

"It was a lovely street when we bought this. It was nice until about two years ago."

Then she said an increase in graffiti and drug dealing meant home owners moved out and the area became a rented zone.

"Some people don't care about their rented accommodation, in one there is a suite dumped in the garden. It is a real eye-sore and the garden is a mess.

"Children set wheelie bins on fire, dump gates and other things in the street and people have dumped bags of clothes."

Although the Parr family have not put their house up for sale they are aware that properties on the road have been selling for less than £10,000.

"We haven't put it up for sale but a lot of houses are going for auction. One sold at auction for £9,000.

"My property is quite presentable. We have paid £1,200 for the front to be pebble-dashed, and we have a new fitted kitchen which cost more than £1,000.

"If I could pick up the house and move it I would."

Fellow resident Tony Kelly also bought his property for £27,500 and has not had a single enquiry about it since it was put onto the market last November.

"The house was valued at £21,000 but is now down to £18,000," he said. "We'll just have to see how the situation goes over the summer.

"The area has definitely deteriorated over the past ten years. A couple of houses are now boarded up."

Nick Sykes, senior manager at Bradford & Bingley Estate Agents in Kirkgate, Bradford is sure that these are isolated examples of drastic slumps in prices.

Mr Sykes said: "There are no signs of a slump. At present Bradford prices are good and interest rates are low."

And Ian Davies, regional business director of the estate agents is sure the market is growing.

"Whilst it is less difficult to judge future economic performance, questions are still based around what growth we can achieve and not about real fears of recession," he said.