Property prices in Wales to outpace London
According to the Royal Institute of Chartered Surveyors (RICS), Wales will be one of the strongest areas of the UK for transaction levels in the coming year, alongside the North East, Scotland and Northern Ireland.
Analysts at the RICS indicate that house prices in Wales will rise by 6%, while London will see just a 5% increase, the renting sector in Wales could also see a rise of around 3%, on average house prices across the UK are expected to rise 6% in 2016.
The supply factor for housing is the main issue that is dominating the private housing market, new properties coming onto agents books are at all time lows, the shortage of available homes to buy is causing the continued pressure on prices.
The RICS forecast suggests that the likely increase in prices in 2016 will outstrip any rise in household income.