Wakefield house prices increased in April

House prices increased by 2.2% in Wakefield in April, new figures show.

Friday, 18th June 2021, 4:13 pm
Updated Friday, 18th June 2021, 4:16 pm
House prices are on the rise
House prices are on the rise

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.1% annual growth.

The average Wakefield house price in April was £170,075, Land Registry figures show – a 2.2% increase on March.

Over the month, the picture was better than that across Yorkshire and The Humber, where prices decreased 3.7%, and Wakefield outperformed the 1.9% drop for the UK as a whole.

Over the last year, the average sale price of property in Wakefield rose by £17,000 – putting the area 14th among Yorkshire and The Humber’s 24 local authorities for annual growth.

The best annual growth in the region was in Sheffield, where property prices increased on average by 15.6%, to £192,000. At the other end of the scale, properties in Hull gained 2.1% in value, giving an average price of £117,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in Wakefield in April – they increased 2.5%, to £161,711 on average. Over the last year, prices rose by 11%.

Among other types of property:

Detached: up 2% monthly; up 11.5% annually; £271,697 average

Terraced: up 2.2% monthly; up 11.1% annually; £133,188 average

Flats: up 2% monthly; up 7.9% annually; £91,805 average

First steps on the property ladder

First-time buyers in Wakefield spent an average of £150,000 on their property – £15,000 more than a year ago, and £32,000 more than in April 2016.

By comparison, former owner-occupiers paid £193,000 on average in April – 28.7% more than first-time buyers.

How do property prices in Wakefield compare?

Buyers paid 5.2% less than the average price in Yorkshire and The Humber (£179,000) in April for a property in Wakefield. Across Yorkshire and The Humber, property prices are low compared to those across the UK, where the average cost £251,000.

The most expensive properties in Yorkshire and The Humber were in Harrogate – £298,000 on average, and 1.8 times as much as in Wakefield. Harrogate properties cost 2.5 times as much as homes in Hull (£117,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average April sale price of £1.1 million could buy 11 properties in East Ayrshire (average £105,000).

Factfile

Average property price in April

Wakefield: £170,075

Yorkshire and The Humber: £179,408

UK: £250,772

Annual growth to April

Wakefield: +11.1%

Yorkshire and The Humber: +12%

UK: +8.9%

Best and worst annual growth in Yorkshire and The Humber

Sheffield: +15.6%

Hull: +2.1%