Properties in Pembrokeshire had an overall average price of £246,821in 2022 and sold prices in Pembrokeshire were 24% up on the 2019 peak of £199,843 according to Rightmove. In Carmarthenshire property prices rose 23% and in Ceredigion 32% from their peak in 2019. Demand, particularly for smallholdings and coastal properties outstripped supply and saw many going to sealed bids and selling for well over asking price.
Uncertainty due to interest rates, and the global economy, will be key factors in the property market over the next twelve months.
Carol Peett, Managing Director of West Wales Property Finders, says: “Looking ahead to 2023 we predict that the market in West Wales will be split, with prices for unique properties and houses with spectacular sea or river views remaining strong and attracting top prices. Having Britain’s only coastal National Park means that planning restrictions are extremely stringent with no new houses allowed to be built outside village bounds. Therefore, properties with uninterrupted water views are scarce and demand will always outstrip supply. These properties, which come onto the market infrequently, tend to attract cash buyers taking the long term view as they wish ultimately to retire here so are prepared to pay top prices to secure them and are not worried by the general property trends. West Wales still provides good value when compared to the West Country.
We also feel that prices of smallholdings will hold up due to people, particularly those with young families, desiring more space and to live a more self-sufficient and green lifestyle, growing their own food and living off grid with wind, water or solar power to counteract the energy price rises. The ability to work from home due to the roll out of full fibre broadband in more remote areas; and companies allowing more flexible working since Covid, means that people can escape from towns and cities and combine working from home and producing their own food. There has also been an increase in people setting up their own small businesses producing artisan products and this will continue.
West Wales will continue to appeal to buyers looking for community spirit and old fashion values. This combined with the lowest crime rate in the UK, will ensure the area is the ideal place to escape from the recession and bring up children in a healthy and safe environment.
However, the lower end of the market; small houses in local towns and new builds which tend to appeal to locals may fall by up to 5% per cent which would be welcome for first time buyers and provide an opportunity for those who are currently renting to buy but may leave owners in negative equity.
If you are looking for a property in Pembrokeshire, Carmarthenshire or Ceredigion, give West Wales Property Finders a call on 01834 862816 http://www.westwalespropertyfinders.co.uk. We can find your perfect property for you whilst saving you time, stress and often money too.