If you’re looking to buy or sell a property in Wales, make sure you read our overview of the Welsh Property Market before you do anything else.
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Further stagnation predicted
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Some regions perform better than others
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Bargains to be found in Merthyr Tydfil
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Demand outstripping supply in Cardiff and Swansea
The UK’s overall average house price is significantly higher than that of the Welsh average, and has been for many years. The Welsh market is doing little to boost the National Average and this trend shows little signs of changing.
In 2015, the average price of a house in Wales rose by just 0.9% taking the average property price to around £119,000. Comparing that to the average value in London should be cause for alarm as there is nearly a £385,000 difference.
Some regions of Wales did fare better than others as far as house price growth is concerned. Conwy, for example, saw prices rise by 2.3%, taking the average house price to around £127,000. The biggest gains came in sCeredigion with a sizeable 6.3% increase pushing the average house price to £160,000.
There’s further good news for those living in Monmouthshire; the area is the most expensive for property in Wales with an average house valued at around £180,000. If you are a buyer seeking a new home in Wales, it may be worth starting your search in Merthyr Tydfil as property prices fell by 3.4% in August 2015, but are likely to rise in the next few years; sound investments are available in Merthyr at bargain prices.
Homeowners in Cardiff have enjoyed property price increases of 6.7% in the last year and property values continue to rise at a faster rate than they are in London. Many experts suspect people could soon sell house fast Cardiff to capitalise on the greatly increased prices and buyer demand, in favour of a move to outlying areas which are far cheaper and have good commuting options.
Swansea has enjoyed stronger growth than Cardiff in recent months with the average price of a property rising by 5.7%, leading to average prices of between £167,000 and £176,000 as of June 2015.
Property numbers are diminishing in Cardiff and Swansea and demand is growing, meaning homeowners in Wales can expect the market to grow over the next few years and they can certainly expect to see a profit against the cost price of their properties. Sadly, it is not the case for the outlying areas who will see much slower growth in the market, but growth nonetheless.