This is how much Wakefield house prices increased in May
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The boost contributes to the longer-term trend, which has seen property prices in the area achieve 4.8% annual growth.
The average Wakefield house price in May was £155,534, Land Registry figures show – a 1.1% increase on April.
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Hide AdOver the month, the picture was less good than that across Yorkshire and The Humber, where prices increased 3.1%, but Wakefield outperformed the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Wakefield rose by £7,100 – putting the area eighth among Yorkshire and The Humber’s 21 local authorities for annual growth.
The best annual growth in the region was in Scarborough, where properties increased on average by 12.1%, to £183,000. At the other end of the scale, properties in Calderdale dropped 0.8% in value, giving an average price of £143,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in Wakefield in May – they increased 1.3%, to £249,143 on average. Over the last year, prices rose by 5.7%.
Among other types of property:
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Hide AdSemi-detached: up 1.2% monthly; up 5% annually; £148,061 average
Terraced: up 0.7% monthly; up 3.9% annually; £120,830 average
First steps on the property ladder
First-time buyers in Wakefield spent an average of £137,000 on their property – £6,200 more than a year ago, and £22,900 more than in May 2015.
By comparison, former owner-occupiers paid £176,300 on average in May – 28.7% more than first-time buyers.
How do property prices in Wakefield compare?
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Hide AdBuyers paid 8.6% less than the average price in Yorkshire and The Humber (£170,000) in May for a property in Wakefield. Across Yorkshire and The Humber, property prices are low compared to those across the UK, where the average cost £236,000.
The most expensive properties in Yorkshire and The Humber were in Harrogate – £296,000 on average, and 1.9 times as much as in Wakefield. Harrogate properties cost 2.5 times as much as homes in Hull (£117,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price of £1.4 million could buy 16 properties in Burnley (average £88,000).
Factfile
Average property price in May
Wakefield: £155,534
Yorkshire and The Humber: £170,198
UK: £235,673
Annual growth to May
Wakefield: +4.8%
Yorkshire and The Humber: +4.9%
UK: +2.9%
Best and worst annual growth in Yorkshire and The Humber
Scarborough: +12.1%
Calderdale: -0.8%
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