The Cathedral City
Discover Wakefield's Real Estate
The city of Wakefield is in the West Yorkshire region along the Calder River bordered by the eastern edge of the Pennines.
Culture, History, and Business
The city was a stronghold of the Royalist during the civil war. It established itself as a vital market town by leveraging its position on the Calder River by becoming an inland port.
Wakefield’s economy has a GDP of around £6.5 billion. This has the city ranked as the fourth biggest economy within the Leeds region, with many businesses already having an operating base in the city of Wakefield. Real estate is one of the city’s most significant economic strengths. Experts are predicting the consistent increase in the employment rate of the city as the growth and expansion of more businesses continue. This means that property investors, especially buy-to-let investors, will begin to gain considerably from their investments. There are plenty more start-ups sprouting up, increasing the employment rate, and contributing to the economy of the city. This, in turn, has made the city a great area to invest in real estate.
Real Estate Appeal
The prices of homes in Wakefield are way below property prices in other cities in England and also below the UK national average. The price of buying a property in Wakefield is 20% cheaper compared to its neighboring city, Leeds. The average cost of buying a house in this city, Leeds, and the average United Kingdom is £151,743, £190,000, and £294,000, respectively. Wakefield is one of the best places in Yorkshire to purchase a house. The city is considered an emerging destination to purchase buy-to-let properties by real estate investors. Its highlight attractions include proximity to Leeds’s larger job market, houses at affordable prices, and good transport connections.
The cost of buying a detached house is about £260,000. A flat apartment will cost approximately £102,000. The cost of buying a terraced house in this city is a mere £116,000. Wakefield’s rental rates rose by 4% in 2019. Rental yields at the city center are at a rate of 1.23% while outside the city center is 1.23%. The cost of renting a one-bedroom in the city center and outside the city is £496 and £437.58, respectively. The cost of an apartment in the city center is £7,925 per sq. meter while outside the city center cost £7,000 per sq. meter.
The subsequent articles will introduce you to reasons why you should consider Wakefield as a destination for real estate investment, and the hottest neighborhoods to invest in the city.
Explore Wakefield's Real Estate
Local Real Estate Experts
Attractive Investments In Wakefield
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