The latest data on UK house prices released by ONS has revealed House prices in Wales increased by 5.5% over the last 12 months to reach £161,000. This was the highest price rise in any part of the UK.
Over the past two years, there has been a slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England. The lowest annual growth was in London, where prices fell by 0.7% over the year to November 2018, unchanged from October 2018.
England house price growth weaker than rest of UK
House prices in England grew slower than other countries of the UK, increasing by 2.6% in the year to November 2018, up from 2.3% in the year to October 2018, with the average price in England now £247,000. House prices in Wales increased by 5.5% over the last 12 months to reach £161,000. In Scotland, the average price increased by 2.9% over the year to stand at £151,000. The average house price in Northern Ireland currently stands at £135,000, an increase of 4.8% over the year to Quarter 3.
Estate Agency, Savills, are predicting a 20% rise in house prices in Wales over the next 5 years and Carol Peett of West Wales Property Finders agrees that prices here are likely to continue upwards.
“We have had more enquiries for our property finding services already in the first two weeks of January, traditionally a very quiet month before the market picks up in Spring, than we would expect usually in a 3-6 month period”, she says. “Our problem is the shortage of good property stock on the market”.
“Over the past 14 years circa 90% of the properties we have found for our clients never hit the open market. Many clients come to us having tried unsuccessfully for some time to acquire a house themselves and, to date, we have never failed to find them their perfect property. Several clients had been trying to buy somewhere here for 5 or so years without success prior to coming to us”.
It is very difficult for people, especially for those from other parts of the UK, to get a handle on the property market here. Average house prices can be very misleading. Prices vary considerable within small areas so a property with a sea view may sell for double that of a similar property half a miles away without the view and a character cottage will sell for far more that a new build as these are the types of properties that tend to appeal to buyers from outside the area.
If you are moving to West Wales, or wish to buy a holiday home in Pembrokeshire, Carmarthenshire, Ceredigion or Gower, give West Wales Property Finders a call on 01834 86816. We can find you your perfect property whilst saving you time, stress and often money. http://www.westwalespropertyfinders.co.uk