Last Updated on March 9, 2023 by Umer Malik
Wakefield is a city located in West Yorkshire, England. It is a bustling urban center that boasts a rich history, stunning architecture, and a thriving economy. For property investors, Wakefield presents a unique opportunity to capitalize on the city’s growth and invest in one of the most promising real estate markets in the UK. It is generally felt that the value of the land increases with time, and the value of the building decreases. You can find agents like sell my house quickly Wakefield to sell your house quickly.
This article will delve into the benefits of investing in Wakefield, the current state of the market, and the most promising areas for property investment.
Why Invest in Wakefield?
There are several reasons why property investors should consider Wakefield as a prime investment destination.
Firstly, the city is undergoing significant growth and development, making it an attractive prospect for investors. Wakefield has experienced a 10% population growth over the past decade, with the number of residents expected to continue to rise over the coming years. This growth is supported by a robust local economy, with the city hosting several major employers such as the NHS, Haribo, and Wakefield Council.
Secondly, Wakefield’s property market is relatively affordable compared to other cities in the UK. According to data from Zoopla, the average house price in Wakefield is £183,979, which is significantly lower than in other UK cities such as London and Manchester. This makes it an attractive location for investors who are looking for a more affordable entry point into the UK property market.
Finally, Wakefield boasts excellent transport links to other major cities in the UK. The city is located within easy reach of Leeds and Sheffield, with direct train links to both cities. It is also well connected to the rest of the UK via the M1 and M62 motorways, making it an ideal location for commuters.
The State of the Wakefield Property Market
The Wakefield property market has seen steady growth over the past few years, with house prices increasing by 7.5% in the last 12 months alone. This growth has been driven by several factors, including the city’s growing population, strong local economy, and affordable property prices.
According to data from Rightmove, the most popular types of properties for sale in Wakefield are terraced and semi-detached houses. These property types typically offer good value for money and are popular with both first-time buyers and investors.
The rental market in Wakefield is also strong, with demand for rental properties outstripping supply in some areas. This has led to a significant increase in rental prices, with the average monthly rental for a two-bedroom property in Wakefield currently standing at £577.
Promising Areas for Property Investment in Wakefield
When it comes to property investment in Wakefield, there are several areas that are particularly promising. These areas are experiencing high levels of demand from both buyers and renters, making them attractive prospects for investors.
Horbury is a small town located on the outskirts of Wakefield. It has a rich history, with several well-preserved historic buildings and a charming town center. The town is also well-connected to Wakefield and other major cities in the UK, making it an ideal location for commuters.
Property prices in Horbury are relatively affordable, with the average house price standing at £219,756. The rental market in Horbury is also strong, with the average monthly rental for a two-bedroom property currently standing at £571.
Ossett is a small market town located to the south of Wakefield. The town is home to several major employers, including the cardboard packaging company Smurfit Kappa, and has a thriving local economy.
Property prices in Ossett are slightly higher than in Wakefield, with the average house price standing at £235,276. However, the town offers excellent value for money, with spacious family homes and a strong rental.
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