Latest Figures
House prices in Wales are on the increase
The latest figures from the property portal, Zoopla, have shown that house prices in Wales are on the increase. Not only that but they’re doing so faster than anywhere else in the UK.
The UK property market is continuing to rise, regardless of the end of the stamp duty holiday. The monthly House Price Index issued by Zoopla showed that the average UK house price has risen by £17,508 since the start of the pandemic to £235,000.
In Wales, however, there has been a price growth of 9.8% in August. The rest of the UK rose just (in comparison) by 6.1% on average in the same month. Wales has grown the fastest and London the slowest, which is the widest disparity in three years.
Looking just at the UK’s major cities, Liverpool has seen the highest price growth. In the last year, there’s been a 10% increase in average prices. London has only seen a 2.2% increase in comparison.
The time between putting a property on the market and having a sale agreed has been under 30 days since May. This is the quickest across the whole market in 5 years. This time of year, it would usually take 40 days. This is due, in no small part, to buyer demand being up by 35% compared to the previous 5 years.
Zoopla suggests this is due to the ‘search for space’ in a property, possibly due to the last 18 months of us all spending so much more time in our homes.
There is also evidence of landlords selling off their portfolios with the ever-changing rules and regulations in the private rental sector.
Gráinne Gilmore, Head of Research at Zoopla, said: “The ending of the ‘tapered’ stamp duty holiday has had little impact on buyer demand, which remains higher than typical levels for this time of year.
“The demand coming from buyers searching for space, and making lifestyle changes after consecutive lockdowns, has further to run.
“Balancing this, however, will be the ending of government support for the economy via furlough, and more challenging economic conditions overall, which we believe will have an impact on market sentiment as we move through the fourth quarter of the year.
“We expect the market to remain busy compared to historical norms, and for price growth to remain in firmly positive territory at the end of the year, although lower than current levels of +6.1%."
“She added: "Stock levels will start to rebuild in early 2022 as market activity returns to more normal levels.”