House prices in Wales reaching new records

January 22, 2019

Principality Building Society have stated that house prices in Wales have reached an average all-time peak value of £186,699 with a price growth in Q4 at 0.3% compared to the previous quarter (though slightly slowing in pace).

House sales in 2018 have remained approximately the same compared to 2017 figures with around 50,000 sales.

Only three regions of Wales showed price falls with most positive figures looking pretty healthy including:

  • Monmouthshire (6.1%)
  • Caerphilly (7.5%)
  • Torfaen (8.7%)
  • Ceredigion (4.1%)
  • Carmarthenshire (2.6%)

Tom Denman, Chief Financial Officer at Principality Building Society said: “There are a number of possible reasons why Welsh house prices are at an all-time high – interest rates are currently close to their historic low, the number of people in work is near an all-time high while average weekly earnings have risen above the rate of inflation.

Welsh Government housing schemes have also helped would-be property owners onto, and up, the housing ladder.

We know from a recent survey we did that a quarter of people in Wales admit Brexit is affecting whether they buy or sell a home. Brexit has undoubtedly affected the market but so far hasn’t dampened the market in Wales as much as England, with the number of property sales estimated to be on a par with last year. Affordability of homes in the country compared to areas of south-west England is likely to have helped growth, along with supply and demand.”

Full report can be read on the Tivy-Side Advertiser website.

EAN Content

Content shared by this account is either news shared free by third parties or advertising content from third parties and affiliations.. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website.

You May Also Enjoy

Breaking News

Real-life value of the most famous Christmas film homes

The real-life value of the most famous Christmas film homes, from budget classics to multimillion-pound mansions New research has gathered and analysed the estimated valuations of real homes featured in popular Christmas films, ranking them by cost. The priciest homes are featured in The Holiday, Trading Places, and Home Alone, with Amanda’s home from The…
Read More →
Estate Agent Talk

77% of buyers refuse to buy a flood risk property

Despite 4.7 million English homes facing flood risk New research from Lyons Bowe has revealed that 77% of homebuyers would not consider purchasing a property in a flood risk area, despite more than 4.7 million homes across England currently being deemed at risk of flooding. The findings come as the Government launches a new flood taskforce amid…
Read More →
Letting Agent Talk

Poor Communication becomes Expensive at Scale

The hidden cost of fragmented property management By Adam Hills, Client Services Director, LRG Living Markets A landlord asks for an update on a repair. The property manager asks the contractor, who is waiting for access from the tenant. Meanwhile, the accounts team has received an invoice but cannot tell whether the work is complete.…
Read More →
Estate Agents should not all look the same
Estate Agent Talk

When Estate Agents Decide to Go Solo

Leaving an established estate agency to work independently gives experienced agents more control over fees, client service and working hours. It also brings responsibility for compliance, cash flow and every part of the customer experience. Before handing in your notice, test the idea against realistic sales volumes, local competition and the amount of time you…
Read More →
Estate Agent Talk

What Should Buyers Ask Before Reserving a New Build?

Research from Skipton Building Society has found that 44% of aspiring first time buyers would rather buy a new build than an older property, with just 30% favouring an older build. Modern fittings and appliances were the biggest draw, cited by over half of those who preferred a new build, alongside the promise of lower…
Read More →
Breaking News

The UK cities with the largest property price increases revealed

A new study has unveiled the most challenging UK cities for first-time buyers. Newry leads Northern Ireland’s ranking, with a property price increase of 12.8%, while Hull leads Great Britain’s ranking, recording an increase of 6.6%. The research examined data from HM Land Registry to reveal the cities that have faced the highest property price…
Read More →