Welsh house prices continue to rise
The July to September figures showed houses prices in Wales rose 7.42 per cent compared to the same period last year. Blaenau Gwent rose by 27.98 per cent and Merthyr Tydfil by 27.75 per cent. It’s the third consecutive quarter the two authorities have topped the Land Registry’s property price figures. Wrekin in the West Midlands saw the greatest reduction with house prices falling by 6.29 per cent.
The average house price in England and Wales for the quarter is £194,589 – an average rise of 3.52 per cent compared to the same period in 2004.
Data released by SmartNew Homes.com for October confirmed Wales had seen a price rise but prices of new homes dipped overall. This was put down to the housing market struggling to throw off the after-effects of a year-long tail-off.
The report showed the average price of a new home in UK to be £255,327 – down 2.4 per cent on the same time last year and a marginal decrease of 0.2 per cent from September.
David Bexon, managing director of Smart NewHomes.com, said:
“It’s been a difficult year for the UK housing market, reflected in new house price inflation and activity. Although the market is certainly out of the woods and the likelihood of a crash recedes significantly every month, it is still in a delicate state with buyers acting cautiously, slowing down activity across the board.”
Martin Ellis, chief economist at the Halifax, commented on its figures for October: “House prices were unchanged in October following increases of over 1 per cent in both August and September.
“The overall pattern of price movements over the past few months shows the market has strengthened compared with earlier in the year but the static level of prices in October suggests we are not poised for another sustained period of sharply rising property values.”