Property prices rise in Wales while they fall in remainder of UK

Permalink: Property prices rise in Wales while they fall in remainder of UK
by Kay Murchie

According to Land Registry information published in the last few days, property prices in Wales rose slightly while a decline was noted across the rest of the UK.

The figures showed that the annual price increase for September in Wales was 6.6%, higher than August’s 6% rise, but still considerably lower than the 9.3% increased noted in May.

However, figures for the whole of the UK, showed that the annual inflation rate for residential properties declined in September to 8.7%, compared to 9.4% in August.

According to estate agents, Wales has not experienced the huge price increases like the rest of the UK so this is proof that the housing market is slowing down.

A spokesperson for the Land Registry said estate agents are seeing an increase in houses coming up for sale so the prices are coming down. It could also be that people think prices have increased too rapidly and there is a need for a slowdown.

Monthly figures illustrate that property in Wales rose 0.6% from August to September. The average house price in Wales is now £140,458, compared to last month’s £139,615.

Merthyr Tydfil and Ceredigion both noted year-on-year increases of over 12%, while Blaenau Gwent, Carmarthenshire and Anglesey noted increases over 10% according to the Land Registry. The lowest annual rise was noted in Gwynedd at 2.6%.

Ceredigion is the most expensive county in Wales, though house prices there declined somewhat from August, to £194,196.

A slowdown in the property market has been noted recently with a decline in 4-bedroom properties coming on the market, partly due to the launch of Home Information Packs (Hips) and in the number of new mortgages approved.

Dave Martin, of Newland Rennie Wilkins estate agents in Cwmbran, said prices will not change very much in the next few months and I do not think we will see many increases.