Good news for sellers as average prices climb above £236,000
House prices in Wales have finally started to rise again after almost a year of falling prices. The average price tag on a Welsh house is now £236,369, that’s a jump of 3.1% since April this year.
This is a welcome change for anyone thinking of selling their home, as prices have been dropping every quarter since late 2022. Back then, in December 2022, the average house price peaked at £249,000.
More buyers and more sales
There are more buyers out there too. Across Wales, there were 10,200 house sales between April and June this year. That’s 24% more sales than at the start of the year, and 16% higher than the same time last year.
Experts reckon this shows the property market is bouncing back after a bit of a slump.
Shaun Middleton, from Principality Building Society, who keep a close eye on house prices, said: “The second quarter of 2024 has brought much-needed positive news to the Welsh housing market. After five consecutive quarters of declining house prices, we are now seeing a recovery.”
Double-digit price rises in some areas
It’s not just the average price that’s up. Across Wales, 15 out of 22 areas have seen prices rise compared to the last few months. Bridgend and Ceredigion have seen the biggest leap – with prices rocketing by over 16%.
But it’s not all rosy. Some areas are still feeling the pinch, with prices still lower than this time last year. Wrexham has taken the biggest hit, with prices down 10% compared to a year ago.
Detached houses are back in demand
So, what are people buying? Well, it seems detached houses are creeping back in popularity. After a surge in demand for flats – probably because they’re cheaper – detached homes are experiencing a mini-comeback.
This trend is backed up by a recent survey by Principality Building Society, which found that 66% of people looking to buy a home said the size and type of property were the most important factors for them, with detached houses coming out top.
A new dawn for the Welsh property market?
It’s not all down to buyers though. Changes in government policy could also be contributing to the rosier picture.
The new UK government is pushing hard to build more houses – aiming for 1.5 million new homes in England alone. And the Welsh Government isn’t lagging behind, with plans to build 20,000 new eco-friendly homes for rent.
All this building, coupled with the increased demand, has led experts like Shaun Middleton to believe that things are looking up for the Welsh property market.
He said: “This increase, bringing the average price to £236,369 in Wales, marks a significant turnaround and suggests that the market may be stabilising…The second quarter may well represent a new dawn for the housing market in Wales, as we expect house prices to increase, with a higher volume of transactions, supported by better economic conditions, increased affordability and growing buyer interest.”
So, if you’re thinking of selling your home, now might be the perfect time to take the plunge.