Latest figures reveal Wales has the highest annual house price growth of the four nations.
Wales has seen the largest annual house price growth in the year to December 2020 out of the four UK nations, according to new data.
The data released as part of the UK House Price Index Summary, compiled by the Office of National Statistics, shows that house prices increased by 10.7% in Wales during that time.
But this figure is for house price growth, not the highest house prices; England can still claim to have the highest average house prices out of the four nations.
According to property portal Zoopla, in England the current average value of a house is £320,757 compared to the Wales average of £199,113.
But this lower average value that gets you more property for your pound this side of the border is just one of a number of reasons why Wales has experienced such a rapid growth during 2020, according to industry experts.
The stamp duty holiday on house sales less than £250,000 until March 31, 2021, can be attributed to some of the rapid increase, but property professionals say there are many other reasons, including, of course the effects of the coronavirus pandemic.
Carol Peett, managing director of West Wales Property Finders, http://www.westwalespropertyfinders.co.uk has experienced first hand this rise in demand that has resulted in Wales’ house price growth, at least in her region.
Carol says: “As property finders who have specialised in finding properties for our retained clients for 17 years, we have never seen so much activity in the market here since the first lockdown.
“We thought that the initial wave of buyers after the first lockdown ended would subside and the frenzy of activity die down.
“But this has built into a tsunami with absolutely no sign of it slowing down – we have taken on more clients in the first month and a half of 2021 than we normally do in a full year.”
Carol says there are three main types of buyers currently driving the demand; people who are Welsh but live elsewhere and want to come home, house hunters who want to ditch living in a city and or large town if they possibly can and people looking for second homes.
She says: “Huge numbers of people have been looking to move out of towns and cities now that working from home has become the norm so they are no longer confined to living near their offices.”
Carol continues: “People cooped up in flats or townhouses with small gardens trying to entertain their children when schools are closed and everything has locked down has prompted a surge of people to look for more open spaces and fresh air for their families.
“We have seen large numbers of people from Cardiff and Newport, for instance, looking to buy holiday homes in coastal areas like Pembrokeshire and Ceredigion due to the huge popularity of staycations – particularly with Covid-19 restricting foreign travel.”
The house price growth in Wales is within the context of a very distinct period of property sales, influenced by the coronavirus pandemic during 2020, and it has affected property purchases in urban areas too.
According to the professionals working in the sector, the data from the Office of National Statistics is not just fuelled by people planning to escape to the country or looking for a second home.
In their experience, many city and town residents have altered their view on what they want from a home and what type of property to buy.
In 2020, the functions of the home became more important, with a dedicated space for home working and a garden becoming more of a focus for many, as well as the desire to maybe find a forever home earlier than planned……
If you are looking to buy a property in Pembrokeshire, Carmarthenshire or Ceredigion, give West Wales Property Finders a call on 01834 862816. We can find your perfect property for you whilst saving you time, stress and often money too.