The latest data and analysis from ONS/Land Registry has revealed that average house prices in the UK have increased by 5.1% in the year to July 2017.
The annual growth rate has slowed since mid-2016 but has remained broadly around 5% during 2017.
According to the UK HPI, the average UK house price was £226,000 in July 2017. This is £11,000 higher than in July 2016 and £2,000 higher than last month.
The main contribution to the increase in UK house prices came from England, where house prices increased by 5.4% over the year to July 2017, with the average price in England now £243,000. Wales saw house prices increase by 3.1% over the last 12 months to stand at £151,000. In Scotland, the average price increased by 4.8% over the year to stand at £149,000. The average price in Northern Ireland currently stands at £129,000, an increase of 4.4% over the year to Quarter 2 (Apr to Jun) 2017.
“The market in West Wales, which is a very different market to the rest of Wales, has been extremely busy this year, particularly for buy to holiday let, properties for downsizers and those returning to the UK due to Brexit”, according to Carol Peett of West Wales Property Finders. “The levels of stamp duty land tax which have impacted second home buyers in more expensive areas such as Gloucester, Suffolk, the New Forest and the West Country have brought more buyers to the market here where they can get more property for less money. However, it is still having an impact on the market for the few properties here on the market for over £1 million”.
If you are thinking of moving to West Wales, or buying a second home or buy to holiday let here, West Wales Property Finders a call on 01834 862816. Not only can we find you your dream home or restful retreat, we can save you time, money and stress by handling all the negotiations and managing your purchase for you.