Despite the constant scaremongering being churned out by news agencies, four out of eleven regions in the UK have hit record highs for new seller asking prices in May, with prices in Wales 4.1% higher than 12 months ago, according to property website, Rightmove.
Miles Shipside, Rightmove director and housing market analyst comments: “Price increases are the norm at this time of year, with only one fall in the last ten years, as new-to-the-market sellers’ price aspirations are under-pinned by the higher buyer demand that is a feature of the spring market. Indeed the 0.9% monthly rise is consistent with the previous two years’ average rise of 1.0% over the same period. What will seem inconsistent to some, given the ongoing uncertainty of the Brexit outcome, is that four out of eleven regions have hit record highs for new seller asking prices.”
Shipside adds: “Buyers looking in Wales are faced with newly-marketed property prices that are 4.1% higher than 12 months ago, with the West Midlands at 3.0%, the East Midlands at 2.5%, and the North West at 2.1%. These increases are the result of a combination of strong demand, buyers’ affordability headroom, and a continuing shortage of suitable properties. Agents in these areas say that Brexit concerns are not really on the agenda of home-movers; they are more concerned with satisfying their housing needs.”
Compared to the rest of the UK, property owners in the regions which have reached new record prices seem to be overcoming hesitancy to come to market. Their average number of new sellers so far in 2019 is holding steady compared with last year, at just 0.3% down. In contrast the remaining seven regions are seeing new listing numbers for the year to date down by an average of 6.5% compared with the same period in 2018.
Shipside concludes:”Activity breeds activity and a greater choice of fresh properties in these record-setting regions helps to spur buyers into action, especially if they have a property to sell. This in turn adds another new listing that might then tempt another buyer, in a virtuous circle. And in much of the rest of the country, despite the ongoing political uncertainty, agents are reporting that the lure of the right property at the right price still attracts good interest. In spite of some of the challenges in the market, interest in property remains very high”.
“The market in West Wales is the hottest I have known in 16 years for properties in the £200-£500,000 bracket and these are being snapped up” says Carol Peett, Managing Director of West Wales Property Finders, a buying agent”. “Many properties that are suitable for second homes/buy to holiday lets are going to sealed bids and selling for way above asking price. Properties over £500,000 that qualify for mixed use Land Transaction Tax are also selling like hot cakes but the Welsh Assembly’s ridiculous jealousy Land Tax for purely residential properties over £500,000 has meant these stalling so older people are unable to downsize which creates a shortage of properties available for growing families and inevitably, therefore, further price rises”.
If you are looking to move to West Wales, or buy a property here in Pembrokeshire, Carmarthenshire or Ceredigion, then give West Wales Property Finders a call on 01834 862816. Circa 90% of the properties we find for our clients are secured off market, meaning they get the pick of the crop and we save people time, stress and often money too. http://www.westwalespropertyfinders.co.uk