Wakefield house prices increased in June

House prices increased by 1.2% in Wakefield in June, new figures show.
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The rise contributes to the longer-term trend, which has seen property prices in the area grow by 10.5% over the last year.

The average Wakefield house price in June was £191,310, Land Registry figures show – a 1.2% increase on May.

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Over the month, the picture was different to that across Yorkshire and the Humber, where prices decreased 0.4%, and Wakefield was above the 1% rise for the UK as a whole.

House prices increased by 1.2% in Wakefield in June, new figures show.House prices increased by 1.2% in Wakefield in June, new figures show.
House prices increased by 1.2% in Wakefield in June, new figures show.

Over the last year, the average sale price of property in Wakefield rose by £18,000 – putting the area eighth among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The highest annual growth in the region was in Selby, where property prices increased on average by 16.6%, to £258,000. At the other end of the scale, properties in Calderdale gained 5% in value, giving an average price of £176,000.

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An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

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But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First-time buyers in Wakefield spent an average of £168,000 on their property – £16,000 more than a year ago, and £45,000 more than in June 2017.

By comparison, former owner-occupiers paid £217,000 on average in June – 29.2% more than first-time buyers.

Owners of terraced houses saw the biggest rise in property prices – they increased 1.6%, to £149,427 on average. Over the last year, prices rose by 9.7%.

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Among other types of property, detached houses were up 0.7% monthly; up 11.5% annually; £308,131 average while semi-detached properties were up 1.3% monthly; up 11% annually; £182,151 average.

Flats were up 1.3% monthly; up 5.8% annually; £98,675 average.

Buyers paid 6.2% less than the average price in Yorkshire and the Humber (£204,000) in June for a property in Wakefield. Across Yorkshire and the Humber, property prices are lower than those across the UK, where the average cost £286,000.

The most expensive properties in Yorkshire and the Humber were in Harrogate – £333,000 on average, and 1.7 times as much more than in Wakefield.

The highest property prices across the UK were in Kensington and Chelsea.