Average house in Wakefield on the market for almost £200K as property prices rise

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.4% annual growth.

The average Wakefield house price in July was £193,986, Land Registry figures show –a 1.5% increase on June.

Over the month, the picture was less good than that across Yorkshire and the Humber, where prices increased 3.1%, and Wakefield underperformed compared to the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Wakefield rose by £20,000 – putting the area 12th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

Owners of terraced houses saw the biggest improvement in property prices in Wakefield in July – they increased 1.7%, to £151,711 on average. Over the last year, prices rose by 10.7%.

Among other types of property: Detached: up 1.1% monthly; up 12.3% annually; £311,774 average. Semi-detached: up 1.6% monthly; up 11.8% annually; £184,842 average. Flats: up 1.5% monthly; up 6.6% annually; £99,878 average.

First-time buyers in Wakefield spent an average of £171,000 on their property – £17,000 more than a year ago, and £44,000 more than in July 2017.

By comparison, former owner-occupiers paid £220,000 on average in July – 29.1% more than first-time buyers.

Buyers paid 8.5% less than the average price in Yorkshire and the Humber (£212,000) in July for a property in Wakefield. Across Yorkshire and the Humber, property prices are lower than those across the UK, where the average cost £292,000.

The most expensive properties in Yorkshire and the Humber were in Harrogate – £340,000 on average, and 1.8 times as much as more than in Wakefield. Harrogate properties cost 2.4 times as much as homes in Hull (£139,000 average), at the other end of the scale.