New figures published by Principality Building Society have shown that average house prices in Wales have reached an all-time high of £191,006 over the last 3 months, bucking the trend of their English neighbours.
Although the average house price in Wales remains around 40% less than the average house in England (£305,000), house prices have risen in Wales by 2.2% both quarterly and annually.
The data also shows the rise and fall in house prices across each of the 22 local authorities in Wales and highlights the six local authorities that have established new peaks in Q.3.
Growth has mainly occurred in the higher average value areas of the country, while the lower average value areas have fluctuated.
In terms of housing sales, the number of sales has increased by 5.6% in Wales from Q3 2018 to Q3 2019. The research shows that the largest increase in sales within the same annual comparison was:
- up by 13.5% for terraced properties
- up by 8.0% for semi-detached properties
- up by a minor 0.4% for detached properties
The sale of flats, however, was down by 15%.
Tom Denman, Chief Financial Officer at Principality Building Society said:
“First time buyers, holiday lets and people seemingly not allowing the shadow of Brexit to deter them, means average house prices in Wales continue to buck the trend seen in regions across England. It also seems home movers are continuing to buy higher-value properties and overall house sales are up compared to the same quarter in 2018. The growth in average house prices is underpinned by historically low-interest rates, a shortage of housing supply and relatively high employment. It will be interesting to see if this upward trend continues for the rest of the year as Brexit negotiations reach a critical stage”.
If the current market has encouraged you to sell your property or question what it’s worth, get a FREE VALUATION from the Peter Morgan team today.
With 39 years’ experience in the South Wales market, we’ll be happy to help.