ONS data reveals Wakefield's average property rent rise is one of the lowest in England and Wales
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Since 2022, rising inflation and higher interest rates have led to an increase in housing costs.
Data released by the ONS on April 25 has revealed which areas in England and Wales have been most and least exposed to rising mortgage and rent costs in 2023.
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Hide AdFor mortgages, Wakefield had a medium exposure score (three), and a low exposure score (one – the lowest possible) for rents.
The exposure score is relative to other local authorities. It is based on the estimated proportion of households affected by rising costs and the increase in costs as a proportion of estimated disposable income for the average household.
The exposure score ranges from one to seven, with one and two being considered low exposure, three, four and five considered medium exposure, and six and seven considered high exposure.
Compared to the average in England and Wales, the proportion of renters who saw monthly payments rise in 2023 is estimated to be lower in Wakefield, and of the affected households there was a lower cost increase compared to England and Wales.
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Hide AdOf private renters in Wakefield who were affected by rising rents, there was an average increase of £60 a month, from £647 in 2022 to £706 in 2023, making the average rise in rent in Wakefield one of the lowest in England and Wales.
Likewise, the proportion of private renters in Wakefield who experienced rent increases was one of the lowest in England and Wales, at 7.4 per cent of all households in Wakefield.
Rises in private rent costs were more common for two-bedroom properties in Wakefield. According to Census 2021 data, Wakefield has one of the lowest proportions of student householders in England and Wales, at 0.3 per cent.
This could help to explain Wakefield’s lower than average proportion of households affected by rent increases, as areas with more students tend to have a higher proportion of renters and therefore a higher risk of exposure to rent rises.
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Hide AdSimilarly, the rise in mortgage costs in Wakefield was one of the lowest in England and Wales, with an estimated average increase of £119 a month, from £552 in 2022 to £671 in 2023.
However, a higher than average proportion of households in Wakefield experienced this rise in mortgage cost, compared to England and Wales, with 15.2 per cent of all households in Wakefield seeing a rise.
For Yorkshire and the Humber, the most common exposure scores were three for both rent and mortgages. While Wakefield is similarly exposed for mortgages – sharing an exposure score of three with Yorkshire and the Humber – it is less exposed for rents than most of the surrounding areas with an exposure score of one.
While 15.2 per cent of Wakefield households are estimated to have seen a rise in mortgage costs, a lower percentage of 14.3 was the average for Yorkshire and the Humber as a whole.
For private renters affected by cost increases, however, Wakefield fared better at 7.4 per cent of all households compared with Yorkshire and the Humber’s 9.7 per cent.
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