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. Most recently, a deal has just been agreed for a new 260,000 sqft warehouse unit at The Wakefield Hub which has the potential to create hundreds of jobs and will attract more investments and large companies to the area and in turn attract more people looking for a new home. 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.

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.

Orchard Head Crescent

Orchard Head Crescent, Pontefract

Potential rent:
On the market with: William H. Brown
Popular with families and professional couples alike who are looking for more outside space. No onward chain and minimal work are required to be ready for letting.

Woodbine Street

Woodbine Street, Ossett, WF5

Potential rent:
On the market with: Dan Pearce Sells Homes
Extremely popular area, good schools and links for motorways for the commuter, property has potential for further conversion but would rent easily and quickly as it is, extremely good outdoor space for a terraced property.

Beech Street

Beech Street, Tingley, Wakefield

Potential rent:
On the market with: William H. Brown
Extremely popular due to proximity to Leeds, Wakefield and motorway network for further afield. Property in need of some modernisation.

Cedar Apartments

Cedar Apartments, Chaloner Grove, Wakefield

Potential rent:
On the market with: Richard Kendall
Massively popular due to proximity to the hospital, there are a huge amount of nursing and medical staff on reserve lists for these properties and will always rent quickly, minimum voids for re-lets.

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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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