In the dynamic landscape of West Yorkshire’s property market, Wakefield has emerged as the front-runner for new housing developments, according to the latest data from the Office for National Statistics (ONS).
Since 2012, Wakefield has seen an impressive addition of 15,110 new homes, translating to 42.71 houses per 10,000 residents. This figure significantly outpaces its neighbours, with Leeds adding 23.94 new builds per 10,000 people, Kirklees at 16.41, Calderdale at 13.39, and Bradford trailing with just 13.27. This surge in development positions Wakefield as a key player in the region’s efforts to meet housing demand.
First-Time Buyers Finding Value
The ONS report shows the cost of stepping onto the property ladder in West Yorkshire. In January 2024, first-time buyers in Wakefield found themselves paying slightly less than they would have a year ago, with the average property price sitting at £175,000, down from £177,000. Contrast this with Leeds, where first-timers faced the steepest average price at £201,000, and Bradford, offering the most affordable entry point at £150,000.
Rent Rises Across the Board
Rental markets have also seen shifts, with Wakefield leading the way in price increases for semi-detached properties and flats. February 2024 figures show an 11.6% jump in average rent compared to the previous year, a stark contrast to the hikes observed in Leeds and Kirklees at 8.6%. This spike reflects a broader trend of rising rental costs, pushing Wakefield’s average monthly rent to £746, up from £671 in February 2023.
The Average House Price Perspective
In terms of outright purchases, Wakefield’s average house price in January 2024 was recorded at £198,000, marking a 1.1% decrease from £200,000 the previous year. Despite this slight dip, Wakefield sits comfortably as the second most expensive area in West Yorkshire, after Leeds, where the average house price reached £235,000. At the other end of the spectrum, Bradford offered the most budget-friendly option, with an average house price of £168,000.
A Closer Look at Flats and Mortgages
Flats in Wakefield have seen a notable decrease in price, with a 2.9% reduction bringing the average down in a region where the overall average for Great Britain stands at £285,000. However, when it comes to homes purchased with a mortgage, Wakefield’s average price holds steady at £205,000, mirroring the stability seen across the board with slight variations among neighbouring areas.