House prices in Wales reaching new records

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.

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