The Intermediary –- May 2026 - Flipbook - Page 101
FIELD
Controlled growth
ADELE FORBES
managing director at West Yorkshire Money
JESSICA O’CONNOR
is deputy editor
at The Intermediary
Luke Senior, mortgages and
protection adviser at Just Mortgages,
also points to the impact of higher
borrowing costs and financial
pressures. He says: “As with most
areas at the moment, the market is
somewhat subdued as a result of the
interest rate shocks and the cost of
living. Hopefully, this will prove to be
a shorter-term issue, and we will see a
more active market again soon.”
Despite these challenges, Senior
believes affordability remains a
major advantage, adding: “Wakefield
contains a lot of hidden gems, small
towns and villages with lots to offer.
“House prices are lower than in
neighbouring Leeds and would give
first-time buyers a great opportunity
to get themselves on the ladder.”
Client demographics
The local housing market continues to
be shaped by a growing and relatively
young population base, with around
572,000 residents and an average
age of 40.3 years. Population density
currently stands at approximately
1,200 residents per square kilometre,
while the population itself has
expanded by 15.3% since 2002.
The value proposition continues to
aract a broad range of borrowers.
ortgage conditions are improving, although affordability is
still a constraint. Mortgage rates have fallen from their
2023-24 peaks, which has helped to boost activity, and
there are now more low-deposit and first-time buyer
products available. However, affordability remains tight.
Wakefield continues to stand out as one of the more affordable
markets in West Yorkshire. It offers strong rental yields, reaching up to
around 5.5% in some areas, and is increasingly viewed as a value play
compared with Leeds and Manchester.
Appetite for residential mortgages over the last few months has
shown mixed signals. Prices have continued to rise modestly, but sales
volumes have so ened in some areas and some asking prices have
dipped in the short term.
Our key client demographic currently includes self-employed
applicants, ranging from sole traders to limited company directors with
only one year’s accounts available. Affordability is o en assessed using
net profits plus salary or the latest available figures.
ere is also strong activity in remortgages involving debt
consolidation, along with clients who have experienced credit blips.
In addition, there has been growing demand for rate switches and
borrowers choosing to stay with their existing lenders, while many
clients are extending their current homes rather than moving.
M
Colley explains: “We serve all types
of clients. There are lots of landlords
in the WF area, but it’s also a great
area for first-time buyers.”
Buyer circumstances are also
becoming more varied and complex,
Handlovics says: “I’m dealing
with more people that have found
themselves with either arrears or
defaults from no fault of their own.
Mainly down to things beyond
their control.”
This, she explains, is increasing
demand for advisers able to provide
additional reassurance and support
throughout the borrowing process.
Handlovics adds: “The market for
this is massive and these clients need
an extra level of support to make them
feel comfortable in what they are
buying into.”
At the same time, she notes that
first-time buyers remain a core part
of the market, adding that whether
clients are purchasing, moving home
or remortgaging, “every challenge
along the way is a learning curve and
overcoming them with minimal fuss
is the best part.”
Forbes also points to a growing
number of borrowers with more
specialist requirements. →
May 2026 | The Intermediary
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