House prices in Wales reach record levels

Michael Lloyd

October 15, 2019

Average house prices in Wales reached a record peak of £191,006, Principality Building Society’s House Price Index has found.

It showed quarterly and annual house price growth was up by just over 2%.

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.”

At the end of Q3 2019, six local authority areas have established new peak prices including Bridgend, Cardiff and Newport.

In regards to housing sales in Wales, the largest increases were seen in terraced properties up by 13.5% year-on-year, followed by semi-detached properties up by 8%.

Detached properties have seen a 0.4% rise across the year, whilst flats have seen a 15% decrease in sales.

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