Wakefield house prices dropped slightly in March

General view of Sold and For Sale signs outside a block of flatsGeneral view of Sold and For Sale signs outside a block of flats
General view of Sold and For Sale signs outside a block of flats
House prices dropped slightly, by 0.9 per cent, in Wakefield in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 6.9 per cent over the last year.

The average Wakefield house price in March was £197,930, Land Registry figures show – a 0.9 per cent decrease on February.

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Over the month, the picture was different to that across Yorkshire and the Humber, where prices decreased 2.1 per cent, and Wakefield was above the 1.2%

drop for the UK as a whole.

Over the last year, the average sale price of property in Wakefield rose by £13,000 – putting the area third among Yorkshire and the Humber’s 15 local authorities with price data for annual growth.

The highest annual growth in the region was in York, where property prices increased on average by 10.9 per cent, to £327,000.

At the other end of the scale, properties in North East Lincolnshire gained 2.1 per cent in value, giving an average price of £148,000.

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First-time buyers in Wakefield spent an average of £174,000 on their property – £11,000 more than a year ago, and £48,000 more than in March 2018.

By comparison, former owner-occupiers paid £225,000 on average in March – 29.9 per cent more than first-time buyers.

Owners of terraced houses saw the biggest fall in property prices Wakefield in March – they dropped 1.6 per cent in price, to £152,608 on average.

But over the last year, prices rose by 6.2 per cent.

Detached houses were down 0.2 per cent monthly and up 8 per cebt annually with a £323,292 average.

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Semi-detached houses were down 0.8 per cent monthly and up 7 per cent annually with a £188,930 average

Flats were down 1.4 per cent monthly and up 4.4 per cent annually with a £100,813 average

How do property prices in Wakefield compare?

Buyers paid 2.8 per cent less than the average price in Yorkshire and the Humber (£204,000) in March for a property in Wakefield.

Across Yorkshire and the Humber, property prices are lower than those across the UK, where the average cost £285,000.