Carol Peett, of West Wales Property Finders, offers her thoughts on what property market trends we can expect over the coming year to Property Investor Today.
I think that here in Wales in general the market will remain stable with a minimal increase of 1-2%.
However, there are exceptions. I predict character sea view properties, particularly those standing alone, in popular locations around the West Wales coast will continue to soar due to the scarcity value coupled with the rise in popularity in buy to holiday lets and second homes.
Buy to holiday lets are still tax efficient and there is high demand for rentals fuelled by the huge rise in “staycationing” due to the weak pound, long queues at airports due to security checks, several excellent Summers in a row here and, sadly, the fact that many popular tourist areas abroad have been effected by terrorism.
Post-Brexit vote has also seen an increase in requests from clients to find them second homes in West Wales from buyers who previously had been considering buying second homes in France, Italy and Spain and who are now looking here due to perceived difficulties in buying and owning homes in those countries post Brexit. There has also been increased interest for these types of properties from expats wishing to invest here whilst the pound is weak.
Properties standing alone with an excellent sea view and within walking distance of a beach in Pembrokeshire are already selling for at least double the price of the same property half a mile inland.
Prices in Cardiff and Swansea are also likely to see increases far outrunning that of the market as a whole due to huge investment being made in these locations for regeneration and high demand for properties there.