Investing in Wakefield 2024

Why Wakefield is a

Smart Investment Location

Located on the River Calder in West Yorkshire, Wakefield is an emerging location. Properties in Wakefield have impressive capital growth potential. Once an 18th-century market town, Wakefield is now a thriving cultural city. The city has invested in the community by developing a range of amenities. From shopping centres to art exhibitions, creating some of the finest attractions Yorkshire has to offer. All of this is surrounded by the city’s beautiful countryside, for residents who want to enjoy a relaxing day in nature. 

With further regeneration plans and major funding to redevelop infrastructure, businesses, and cultural attractions, investors will largely benefit from the growth and development of the city. Properties in Wakefield are arranged through a range of desirable neighbourhoods, from historical districts to modern communities. This allows investors to tailor investments to their specific goals and target audience. 

Are you looking for reasons why Wakefield is a great investment location in 2024? You’re in the right place, continue reading! 

Commute
with Ease

Situated at the heart of the motorway network, the M1, A1 and M62 all intersect near the area, making Wakefield one of the UK’s most easily accessed places. The M1 and M62 are major road connections, connecting to Wakefield. These roads also connect to Sheffield, Huddersfield and Manchester- making travel to other cities easier and quicker. 

An incredible sum of money has been invested into transport in Wakefield, which has had a huge positive effect. With a large growth in population in the last census, transport links must be effective due to the rise in people who need to commute. Additionally, there are an increasing number of people now hybrid working. This has also created a shift in the need for transport. With many individuals travelling to the office anywhere from as little as once per week, professionals now are looking at commuter cities like Wakefield. Which offer a lower cost of living compared to larger cities like Leeds, Manchester, or London.

The renovation of Wakefield train station has massively improved journey times. Which expands the opportunity for Wakefield to be recognised as a commuter city. Those working in Leeds, Sheffield, Barnsley and Doncaster can reach there in around 15 minutes from Wakefield. Locations further afield, such as Manchester, London and Birmingham can also be reached from Wakefield train station. 

Spectacular Growth 

Wakefield is known as one of the growth hotspots of West Yorkshire, and it has seen a rapid growth in population over the last 20 years. The population has increased by 8.4% in 10 years, from around 325,800 in 2011 to 353,300 in 2021. The largest increases in Yorkshire and The Humber were seen in Selby and Wakefield, making it a smart investment spot due to the potential growth. 

In terms of price growth, properties in Wakefield are catching up to Leeds. The city has seen a staggering growth of 35.12% over the last 10 years. In Yorkshire, Wakefield topped the chart for house price growth with a year-on-year increase of 2.7%. The average property price in Wakefield is currently £227,431, while the average rental price stands at £840 PCM. These values are only expected to grow further as development in the city continues. Therefore, well-located property in Wakefield can be high-yielding. This growth is driven by rental demand, as people look to move into cities with fantastic transport links. High demand for property in a specific location strengthens the property market and makes it more competitive, which leads to a price rise.

Therefore, if you are looking to invest in Wakefield, get in touch with a consultant today.