24 October 2019
WAKEFIELD is experiencing an increase in rental prices as the area continues to transform itself into an idyllic buy-to-let market.
Our rental portfolio in Wakefield is currently 98% occupied and our Branch Manager, Emma Hodgson, says, "There is a major shortage of properties available for rent at the moment and we are experiencing high occupancy levels with no sign of this changing any time soon.
As well as record occupancy levels, we have 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, 10% more tenants chose to stay put this year than they did during 2018".
"We have a growing economy and a growing population but we haven't got enough property to satisfy the demand. We are seeing a high demand for 3 and 4 bedroom houses across Wakefield, and we are receiving multiple applications per property.
It's clear that the whole fabric of Wakefield is suitable for property investors. Rent prices have risen by 4% in the past year and the city is one of the most accessible places to do business in the UK with strong supply chain networks and easy access to the motorways and train station. The city is home to global leaders like Haribo and Coca-Cola, and food and drink accounts for over a quarter of the district's manufacturing jobs."
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 the Wakefield postcodes, Rothwell, Morley and South Leeds.
As of last week the entire Linley & Simpson group were crowned the "Best Large Estate Agent" at the Yorkshire Residential Property Awards, held in the prestigious Bowcliffe Hall in Bramham. The awards are a celebration of Yorkshire's residential property industry and the category recognises the residential agency that has demonstrated an outstanding sales, buying or lettings record supported by unrivalled service and market reach.
Click here to book your FREE market appraisal!