Mar
08
House prices in Wales on the rise

House prices in Wales have seen a pleasing increase in value of 0.1% month on month, according to a survey published by property analyst, Hometrack.

Released in February, the results benchmark the first property price rise in nine months, with one in seven properties going up in value.

Aside from London and the South East, which had an overall increase of 0.4%, Wales was the only other area to record a monthly growth.

The survey reported that parts of England experienced an average price drop of 8%, with the North West of England, Yorkshire, Humberside and the North East of England worst affected.

Evaluating the results of the property surge in the South of England and Wales, Hometrack said that a 14% increase in new buyers registering with estate agents in areas such as Penarth and Barry led to an 8.7% increase of new homes listed for sale in February.

The survey showed that property in Wales sells for an average of £116,000, a stark comparison to properties in London which average at £373,207.

The company said that whilst activity in the housing market will continue to develop in the spring, prices in London and the South East may be held up due to a lack of sellers putting their homes on the market.

Properties for sale in Cardiff and, in particular Penarth, are highly sought after. The seaside town has experienced a sales increase of 45% between 2011 and 2012, according to Proviser.com. Figures on home.co.uk show that once on the market, the majority of houses for sale in Penarth are bought within one month.

John Coggins, Sales Manager at Penarth estate agent ACJ Properties, has indicated that the recent figures highlight the value of investing in property. He said:

“The monthly increase of 0.1% in the average value of properties across Wales from December 2012 to January 2013 is encouraging but could easily be a result of the usual seasonal upswing in the market experienced post-Christmas.   “An encouraging statistic is that, aside from London, Wales has been the only place to encounter a house price rise. This increase clearly supports the belief shown by many purchasers that “bricks and mortar” still represent a safe investment even in trying economic times.

“This is certainly the case in highly desirable areas such as Penarth, which has seen significant buyer demand from both owner occupiers and investors looking to purchase, resulting in strong prices being achieved. This is illustrated by the fact that The Vale of Glamorgan has experienced an annual average price rise of 1.9%.”