22 July 2020

WAKEFIELD is experiencing a high demand for rental properties following the COVID-19 pandemic. Branch Manager, Emma Hodgson, discusses the current trends in the market.

"The area is experiencing a high demand for rental properties and we are receiving multiple applications per property, especially for 2-3 bedroom houses which are receiving a higher rents than previously achieved. Four bedroom properties are seeing the biggest demand due to a lack of supply in the market.
 
"We have also seen an increase in the amount of time tenants are staying at the property. Typically the majority of tenants would look at what the market has to offer between 8 and 12 months, and many would choose to move. As supply has shrunk and fewer options are available, more tenants are choosing to stay in their property this year, this again is having a big impact on the amount of properties coming to market.
 
Due to the number of large global companies and key workers, particularly in manufacturing, we have seen a continued demand for properties throughout lockdown. Taking into account the steady employment market, excellent transport links and continued development in and around the city, the area continues to transform itself into an idyllic buy-to-let market. 
 
"In recent years, Wakefield has attracted a wider range of professional tenants who can benefit from what the city has to offer. Wakefield is filled with culture and history with many places to visit locally, including Wakefield Museum, Hepworth Wakefield, Yorkshire Sculpture Park and more. There are award winning 5* bars, restaurants and cafes which offer a taste and experience from all over the globe, meaning that there is something for everyone. 
 
"Our Wakefield branch manages a wide selection of homes from one bedroom apartments through to large family homes ranging from £400 to £2000 per calendar month and operates across all Wakefield postcodes as well as Rothwell, Morley and South Leeds."
 
There are a variety of investment properties available for sale in Wakefield at the moment. Below provides an outline of the possible investment return for a handful of properties that are available.



Hebble Wharf, Navigation Walk, Wakefield, WF1 5RD
Click here.
Guide price: £115,000
Potential rent income: Currently rented on a rolling basis at £650pcm
Information: Located a short distance from Wakefield's town centre, with great access to the railway station and motorway network.



Bayheath House, Market Street, Central Wakefield WF1 1DH
Click here.
Guide price: £44,950
Potential rent income: Current tenant paying a consistently achieved £450pcm
Information: A contemporary one bedroom apartment situated in Wakefield City Centre
 
Click here to see all properties available in Wakefield. 
 
For more information on investing in Wakefield, please contact the Wakefield branch.
 
For more information on our Management service please click here.
 
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