House prices in Wrexham experienced a slight dip this July, but don’t worry, the long-term outlook is still positive.
The Land Registry’s latest figures show that the average house price in Wrexham during July was £201,514. This represents a 0.5% decrease compared to June. However, it’s crucial to keep in mind that this small dip doesn’t negate the overall upward trend we’ve seen over the past year.
Positive Long-Term Trend:
In fact, over the past year, property prices in Wrexham have increased by an average of 0.5%. This places Wrexham 14th out of the 22 local authorities in Wales when it comes to annual house price growth.
Looking across Wales:
- Monmouthshire took the crown for the highest annual growth in Wales, with an impressive 10% increase, bringing average prices up to £363,000.
- On the other hand, Gwynedd experienced a 3.8% decrease in property values, with homes averaging £196,000.
Good news for First-Time Buyers?
First-time buyers in Wrexham spent an average of £175,600 on their properties in July. That’s £1,000 more compared to last year but a considerable £37,400 more expensive than July 2019. This suggests that despite the recent dip, getting on the property ladder in Wrexham is still relatively affordable.
Property Types and Price Trends:
- Flats: Owners of flats in Wrexham saw the most significant drop in prices this July, with an average decrease of 0.8%, bringing the average price down to £100,111. Over the past year, flat prices have fallen by 1.1%.
- Detached Houses: Prices for detached houses dipped by 0.3% in July but showed a 1.2% increase annually, with an average price of £292,799.
- Semi-detached Houses: July saw a 0.6% monthly drop for semi-detached properties, but annually, they recorded a 0.5% increase, with an average price of £184,117.
- Terraced Houses: Terraced houses also experienced a 0.6% monthly dip in July but showed a slight annual increase of 0.1%, averaging at £153,404.
Wrexham vs. The Rest of Wales and the UK:
- If you’re looking for value for money, Wrexham offers property prices that are 7.6% below the Welsh average of £218,000.
- Compared to the UK average of £290,000, Welsh property prices are considerably lower.
Key Takeaways:
- While Wrexham saw a minor dip in house prices this July, the long-term trend remains positive.
- First-time buyers may find some good deals, but prices are still significantly higher than in 2019.
- The flat market in Wrexham has been more volatile than other property types.
- Wrexham’s property market remains more affordable compared to other areas in Wales and the UK.