Port Talbot property prices rise despite steel works uncertainty
House prices in Port Talbot have seen a year-on-year increase of 9%, despite uncertainty surrounding the future of the Tata steel works in the Welsh town.
The uptick in property values comes despite the possible closure of one of the largest steel works in the world.
The rate of growth is similar to England as a whole and 5% higher than the average in Wales.
Russell Quirk, founder and chief executive of eMoov.co.uk, said: “Neath Port Talbot enjoying the biggest monthly increase in property values across Wales is great news for homeowners in the area after the uncertainty that has plagued the market due to Tata closing the steel works in the area.
“When the local economy relies so heavily on one particular trade or output to survive, it can be disastrous for the local property market when this trade declines drastically or in this case disappears altogether.”
Average property prices in Wales now stand at £146,272 and are still increasing. Figures show that prices across the UK have increased by 2% in the past month and by 5% annually.
Tata Port Talbot has been at the centre of controversy regarding possible closure of the plant. The future of the steel works remains unclear, and talks continue about a pan-European merger with their closest competitor, ThyssenKrup.
Although property prices seem to be rising, sale and closure of the works could result in the loss of several thousand jobs in the community.
Quirk added: “Although the future of Tata steel works is not yet decided for certain, homeowners in Port Talbot have a small silver lining around the dark cloud that has been hanging above them for quite some time.”