The Intermediary –- May 2026 - Flipbook - Page 103
L O C A L FO C U S
Wakefield
A somewhat subdued market
LUKE SENIOR
mortgages and protection adviser at Just Mortgages
A
s 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.
Some current challenges are the cost of moving, and the duration
of the house buying process. Stamp Duty is prohibitive and tweaking
it could lead to a more buoyant market, with the knock-on beneficial
effects across other sectors of the economy. Meanwhile, the house
buying process is completely broken, transactions regularly take
around six months – it shouldn’t have to be this way. People find the
process stressful, and in some instances, talk themselves out of moving
altogether, which is a shame.
Houses are taking longer to sell than I can recall for a while, which
of course favours buyers that are in a more advantageous position than
sellers. The trend of first-time buyers moving from areas of Leeds such
as Morley and Garforth to Wakefield has continued, and I think this will
remain the case for the foreseeable future.
Generally speaking, Wakefield is more affordable than neighbouring
Leeds, though to the south and in the more rural areas this is less true.
A significant number of first-time buyers have moved here in order to
take the first step on to the property ladder, while older people oen
retire to the more rural areas, such as Newmillerdam and Noon, on the
southern edge of the district.
proved controversial as it has led to a
reduction in green belt land.”
Even so, Senior highlights that
Wakefield benefits from a wide range
of village-style locations that aract
buyers seeking a balance between
accessibility and semi-rural living.
At the same time, regeneration
plans within the city centre are
becoming increasingly ambitious.
Forbes points to the planned
transformation of the Cathedral
Quarter. The Ridings Shopping
Centre is also set to be demolished and
completely redeveloped, with plans
for more than 1,000 homes, leisure
facilities including a cinema, cafés
and events space, as well as new public
realm and green space.
According to Forbes, the scheme is
intended to reposition the city centre
around residential living and lifestyle
amenities, describing it as a “once-ina-generation” reset for Wakefield.
Further regeneration is also planned
around the Westgate area near the
station, where proposals include a
new hotel, refurbished office space
and upgraded public areas designed to
improve connectivity and commercial
appeal. Alongside this, transport
investment is continuing through
projects such as a new all-electric
bus depot and upgraded walking and
cycling infrastructure, part of a wider
£200m-plus transport programme
across West Yorkshire.
Rental market
Demand for rental property remains
relatively strong, supported by
affordability and commuter links,
although sentiment among landlords
has become increasingly divided.
Forbes says: “The buy-to-let
market in Wakefield continues to
be supported by strong underlying
demand, although landlord sentiment
is currently split.
“Smaller or ‘accidental’ landlords
[are] exiting the market, while
experienced and professional
landlords are continuing to expand or
reshape their portfolios.”
Much of this caution is being
driven by concerns surrounding
future regulation, particularly the
Renters’ Rights Act, with many in
Wakefield
Residents
572k
Average age
40.3
Average property price
£219k
Wakefield postcode area.
Source: www.plumplot.co.uk
the sector believing this will reduce
the number of smaller landlords
while strengthening larger portfolio
operators. Forbes highlights concerns
around the practical implications,
particularly the around repossessions.
Handlovics notes: “I feel my existing
buy-to-let clients are not gaining the
return they expected and a lot of them
have worries about the new Renters’
Rights Act. This is a growing concern
for a lot of investors.”
Future outlook
Wakefield’s property and mortgage
market continues to adjust to a more
cautious lending environment. Yet it is
underpinned by long-term strengths,
including relative affordability and an
increasingly diverse housing offering.
Mortgage rates have eased from
previous highs, lender competition
remains active and regeneration
across the city is helping to reinforce
Wakefield’s longer-term appeal. While
activity may not reflect the urgency
seen during the post-pandemic boom,
demand itself has not disappeared
– rather, buyers are becoming more
selective and informed.
Forbes concludes: “The expectation
is for modest price growth rather than
a major surge. Mortgage rates may
ease slightly further, although not
dramatically. The market is expected
to remain balanced and mildly
buyer-friendly, while increasing
Government positivity is helping
to generate more buyer calls and
enquiries.”
May 2026 | The Intermediary
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