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Wakefield Buy-to-Let Guide

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    Everything You Need to Know About Wakefield Buy-to-Let

    Wakefield is a cathedral city situated in West Yorkshire and was formerly a wealthy market town and a key site for coal mining.

    Tourists and residents can enjoy plenty of history and culture as many of the historical landmarks are still open to the public.

    But for those wishing to invest in buy-to-let property in Wakefield, what can the area offer investors, and how does Wakefield compare to other parts of the country?

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      Wakefield. United Kingdom on a map

      Buy-to-Let Property Prices in Wakefield

      According to Rightmove, the average house price in Wakefield is £213,349 (based on data compiled over the past year). If we compare this to the national average of £298,229, as reported by the UK House Price Index, we can see that the average house price in Wakefield lies considerably below this.

      Despite property prices in Wakefield falling by 4% between March 2023 and March 2024, property experts at Savills forecast an increased capital value of 28.2% by 2028 for properties within the Yorkshire region, meaning property investors can expect a high return on their investment.

      Further information and guidance about investing in property can be found in our property investing guide.

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      Buy-to-Let Rental Market in Wakefield

      According to Zoopla, the average gross rental yield in the UK currently stands at 5.60%, with Wakefield outperforming this national average with an impressive 6.56%. Over the past year, the average rental price in Wakefield has been £1,210 per calendar month, closely aligning with the national average of £1,223, as reported by Zoopla.

      These figures highlight Wakefield’s potential for generating substantial rental income, making it a compelling choice for property investors looking to maximise their return on investment. The combination of higher-than-average rental yields and rental prices comparable to the national average underscores the viability and profitability of investing in Wakefield’s rental market.

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      Investment Properties for Sale in Wakefield

      According to Rightmove, most properties sold in Wakefield were semi-detached, selling for an average of £ 198,595. Terraced properties sold for an average of £151,892, and detached properties averaged £340,515.

      Property prices in Wakefield have dropped by 2% in the past 12 months but are up 4% from 2021. The most significant price drop was for flats, with data from home.co.uk illustrating a 41% decrease between March 2023 and 2024.

      Learn More: Wondering if it is a good time to invest? Check out our recent market insights for a detailed overview!

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        Buy-to-Let Investment in Wakefield: Area Breakdown

        Sandal Magna, commonly referred to as Sandal, is considered one of the more prosperous neighbourhoods in Wakefield. It boasts excellent schools with solid reputations and an abundance of greenery due to various parks. For outdoor enthusiasts, there are numerous recreational activities and facilities. Additionally, Sandal Castle adds historical and cultural significance to the area. The neighbourhood has excellent transport links; travellers from Sandal & Agbrigg train station can reach Leeds in approximately 20-30 minutes, appealing to professionals working there. Residents travelling by car benefit from proximity to the M1 motorway and Wakefield City Centre, offering substantial convenience.

        Ossett, a historic market town on the west side of Wakefield, similarly offers good transport links, reputable schools, numerous shops, and the popular Ossett market. However, it lacks the extensive parks and trails found in other areas, which may be a drawback for those seeking outdoor activities.

        On the other hand, Walton is renowned for its picturesque landscapes and scenic walking trails, including Walton Colliery Nature Park and Waterton Park. Walton also holds historical significance, with Waterton Park and Garden being Grade II listed and repurposed by the famous naturalist Charles Waterton. By car, it is approximately a 15-minute drive to Westfield Westgate Station, depending on your location. While Walton maintains good transport links, commuting to Leeds City Centre takes a bit longer compared to Sandal. The commute could take around 35 minutes by car, whereas public transport may range from 1 hour to 1 hour and 20 minutes, depending on traffic.

        Horbury offers versatility to visitors and residents with its blend of historic architecture, such as St. Peter’s and Leonard’s Church, and modern amenities, including shops, pubs, and restaurants. Commuters to Leeds City Centre can expect travel times of around 40-60 minutes. The town also has good schools and appeals to nature lovers with its array of parks and trails.

        Sandal Magma

        Average Property Prices in Sandal Magma

        The average property price for this area is £370,420

        Average Rental Yield in Sandal Magma

        The average rental yield for this area is 2.22%

         

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          Ossett

          Average Property Prices in Ossett

          The average property price in this area is £277,120.

          Average Rental Yield in Ossett

          The average rental yield in this area is 3.19%.

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          Walton

          Average Property Prices in Walton

          The average property price in this area is £273,786%.

          Average Rental Yield in Walton

          The average rental yield in this area is 3.35%.

           

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            Horbury

            Average Property Prices in Horbury

            The average property price in this area is £276,688%.

            Average Rental Yield in Horbury

            The average rental yield in this area is 5.19%.

            (Average property prices taken were from Rightmove in June 2024; rental yield estimates were calculated with figures from housesforsaletorent.co.uk in the same period)

            What is the Best Area of Wakefield to Invest in?

            When considering the best areas in Wakefield for buy-to-let property investment, you should consider the current purchase price, rental yield and rental demand. Although Sandal Magma is arguably the most desirable area to live in Wakefield and has the convenience of Sandal & Agbrigg train station, house prices are more expensive than in other parts of Wakefield, and the average rental yield is 2.22%.

            If we compare this to Horbury, we can see that the average rental yield is more than double here at 5.19%, and the average property price is nearly £100,000 lower. It will take longer to arrive in Leeds City Centre than when travelling from Sandal. However, with an expected commute time of less than an hour, Horbury can still appeal to professionals working in the city and offer the same attributes regarding schools, parks and historical significance. There is a very well known education centre called Wakefield College, who offer a wide variety of academic courses.

            Ossett and Walton have commute times into Leeds similar to Horbury’s, and house prices are near-identical. So, the best area to invest in depends on the tenant type you wish to appeal to. All areas have historical significance; Sandal, Walton, and Horbury will draw interest from outdoor enthusiasts, all areas have reasonable commute times into Leeds City Centre, and all areas will appeal to families due to the high standard of schools in the area.

            Why You Should Consider a Buy-to-Let Investment in Wakefield

            Regeneration

            A 20 million pound fund is helping Wakefield to regenerate the City Centre by transforming derelict areas like the former BHS site into libraries and museums. These developments aim to increase visitors to the area and bring about more job opportunities. Other derelict areas like Rutland Mills waterfront complex are set to become a creative industries destination on Wakefield’s Waterfront; at 135,00 square feet, it will become the largest creative hub outside of London and is expected to have hotels, restaurants and leisure facilities on-site, further increasing employment opportunities in the area.

            Strong Rental Demand

            Previous regeneration projects like The Hepworth Wakefield and Trinity Walk Shopping Centre, both opened in 2011, have helped revitalise Wakefield and have contributed to an increased desire to live in West Yorkshire City.

            Wakefield is continuing to develop, with large regeneration plans currently underway. Because homes are more affordable than in nearby cities like Leeds and Manchester, it attracts the attention of property investors looking for well-priced properties that offer good value for money and future growth potential.

            Due to a diverse tenant range of professionals, families, and students, Wakefield has a high rental demand, which, as mentioned earlier, is above the UK average.

            Read More: For additional information about how to get into property investing, take a look at our helpful guide.

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            Wakefield New-Builds

            New-build homes are more energy efficient and eco-friendly, meaning lower energy bills. Data compiled by the HBF (Home Builders Federation) shows that new-build homes emit 61% less carbon per year. 85% of new builds have an EPC (energy performance certificate) rating of A or B, saving homeowners up to 57% on their energy bills.

            38,000 new-build homes could potentially be built across West Yorkshire in the next few decades after a “Strategic Place Partnership” was signed between Wakefield Council and Homes England.

            The previous Wakefield Housing Plan, active from 2019-2022, saw the addition of 4,482 new build homes across Wakefield, and there are new plans for 1,600 new homes to be built each year until 2026.

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              Off-Plan Property in Wakefield

              What does off-plan property mean?

              Property investors can purchase off-plan property before it’s completed, maximising the potential for capital growth. Other benefits include early investment discount prices and first choice on selected units.

              Off-plan properties can be purchased below market value and, due to growth in the area, can increase in value. For example, if a property was bought for £200,000 and the property growth in that area was 7% per annum, after three years, this would have reached 21%, making the market value of the property £242,000, which is £42,000 more than the original purchase price.

              Is off-plan property risky?

              There are risks associated with off-plan property. To minimise any risks, it is important to research the developer’s previous portfolio of completed works, consider the location and its rental demand, look into regeneration plans for the area, and assess whether it is likely to be an up-and-coming buy-to-let area with a reliable rental market.

              Further reading: Learn more about investment type with our guide to off-plan property in Doncaster!

              Buy-to-Let Investment Guide

              Want to become a successful buy-to-let investor? Get our free investment guide today for all the latest tips!

              Download Guide Guide - Buy to let investment guide

              Off-Plan vs Completed Property

              The ultimate guide to help you choose whether to invest in off plan or completed property in 2024.

              Download Guide

              How Does Wakefield Compare to Other UK Regions When It Comes to Buy-to-Let?

              Wakefield has the convenience of shops, good transport links, and amenities while still offering plenty for outdoor types, with many parks, picturesque walks, and outdoor activities. For these reasons, Wakefield is a desirable place to live and can be considered a safe investment in the buy-to-let market.

              But is Wakefield the best place to buy to let in the UK?

              Property prices in Wakefield are considerably lower than in southern regions of the UK, and rental yields are also higher, so it can be seen as a sound investment for property investors.

              At the same time, buy-to-let properties in Liverpool and the North West region are cheaper than in Wakefield and command higher monthly rents and average rental yields.

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                Want to Invest in Wakefield?

                Wakefield offers a compelling buy-to-let investment opportunity with its affordable property prices, strong rental yields, and ongoing regeneration projects.

                The city’s diverse property market and high rental demand make it an attractive option for investors seeking reliable investment returns. While Sandal Magna has the shortest commute times for professionals working in Leeds and presents the highest property values, areas like Horbury offer higher rental yields, balancing affordability and profitability.

                Wakefield’s blend of historical charm, modern amenities, and promising economic forecasts positions it as an intelligent choice for property investment. However, comparatively, greater affordability and higher returns can generally be found in the North West.

                For further guidance on buy-to-let properties, take a look at some of our updated guides:

                Map of Wakefield

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                Author

                Mark Greenham

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                Mark is a property news and onsite content writer at RWinvest. With a close eye on the UK property market, Mark helps our readers stay up-to-date with the property trends and statistics.

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