Regional Report: Gwynedd & Anglesey
Melfyn Williams of Guild member, Williams & Goodwin, The Property People, reports that the property market in Gwynedd and Anglesey has returned to what many would call 'normal'.
Director
Williams & Goodwin, The Property People
The property market in Gwynedd and Anglesey has stabilised into a more typical pattern, with varying sales times and continued strong demand in the lettings market.
While regulatory pressures and affordability issues present challenges, there are still ample opportunities for savvy investors and landlords. Staying informed and adaptable will be key to navigating this evolving market.
Variable sales pace
In this balanced estate agency (private treaty sales) market, some properties sell quickly while others take longer. It’s not uncommon for certain listings to remain on the market for up to 12 months before finding a buyer. However, properties in prime locations and priced correctly continue to attract interest and sell swiftly.
Auction success
Auction properties are still performing well, although they may not always exceed guide prices to the level as they did previously. Small parcels of land and fixer-uppers remain in strong demand, providing excellent opportunities for investors and developers.
Lettings market dynamics
The lettings market in Gwynedd and Anglesey is characterised by high demand and limited supply. This imbalance is driving up rents and reducing void periods, making it a competitive environment for Contract Holders (previously called tenants).
Increasing regulatory burdens and tax changes are motivating many private landlords to exit the market. This trend is further reducing the supply of rental properties, exacerbating the demand-supply imbalance and pushing rents even higher.
Challenges and opportunities
Regulatory pressure – Landlords face growing challenges from regulations brought out by The Welsh Assembly such as the new Rent Act and Rent Smart Wales. These increasing burdens are prompting some to sell their rental properties, impacting the overall supply in the lettings market.
Affordability issues – Rising rents and property prices are creating affordability challenges for both buyers and tenants. The gap between local incomes and housing costs is widening, making it difficult for many to secure affordable housing.
Investment potential – Despite the challenges, there are still significant opportunities for investors. Properties that are well-located and priced correctly can achieve strong returns. The demand for rental properties remains robust, providing a steady income stream for landlords who can navigate the regulatory landscape.
Auction opportunities – Auctions continue to be a viable option for both buyers and sellers. Investors looking for small parcels of land or properties in need of renovation can find excellent deals, while sellers can benefit from the competitive bidding environment.
- Average sales price: £233,226
- Average time on the market: NA
- Average rental price: £749
- Average commission on sales: NA
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