HOUSE PRICES FOCUS: Welsh property market
Property market expert, Kate Faulkner, reviews property price data by country, with a particular focus on Welsh towns and cities.
Looking at the property market data by country from this time last year, at ‘country level’ things are much more positive than they were by the end of the second half of 2024.
We’ve moved from barely any price growth in England and Wales to steady increases year on year which are exceeding long term price growth – even though the BOE and mortgage rates are much higher than a few years ago.
Meanwhile, in Scotland and Northern Ireland, with affordability easier than England, prices can continue to rise, especially in N. Ireland where average prices are still 18% lower than they were before the credit crunch.
Northern Ireland property market
“House prices are rising quickly off a low base in Northern Ireland, up by 6.1%.”
“Northern Ireland continues to be the strongest performing nation or region in the UK- house prices here increased by +9.3% over the past year. The typical home now costs £214,832.”
Scottish property market
“House prices in Scotland are rising fastest at +2-3% over the last year.”
“Scotland also recorded positive house price growth in July, increasing by +4.7% with average prices now at £215,238.”
Feature on the Welsh property market
“Property prices in Wales saw a rise, up +2.7%, to an average of £227,928.”
“It’s great that we have so much more specific data for the different countries, so it’s good to see the details by main areas in Wales, thanks to the Principality.”
“As with all regions/areas across the country, although there is a ‘headline’ from the Land Registry and Nationwide of +5.1% and +2.6% respectively, the Principality figures show prices rising by just under 1% year on year.
“What’s more useful is to see the wide range of property price performance – ranging from -7.3% to +14%!”
“Property prices in Wales saw a rise, up +2.7%, to an average of £227,928.”
“The average price of a home in Wales remained broadly stable in the second quarter, which is 0.7% higher than the previous year, and just 4.6% below its peak of £249,000 at the end of 2022. This quarter’s data shows Torfaen leading the way with the highest quarterly price change of any authority, increasing by 14%. Notably, Gwynedd has reported a quarterly decline in prices, with a 7.3% decrease this quarter.”
