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The property market in Wales outperformed the rest of the UK in 2018. Data from the Nationwide Building Society and Principality Building Society showed that whilst the average house price across the UK only rose by 0.5% during 2018, in Wales, the average house price rose by 3%.
Principality Building Society’s Wales House Price Index shows that the average house price across the country is now £186,699, setting a new high. Six local authorities saw average house price increases of 6% or more and with the exception of the Vale of Glamorgan, all these areas were located in South East Wales, undoubtedly boosted by the removal of the Severn Bridge tolls.
Of course, it is inevitable that 2019 will be largely defined by Brexit, however, 2018 has shown that the residential property market in Wales is resilient and in particular, the ever-popular Vale of Glamorgan remains a sound area to invest in property.
Tom Denman, Chief Financial Operating Officer at Principality Building Society said “There are a number of possible reasons why Welsh house prices are at an all-time high – interest rates are currently close to their historic low, the number of people in work is near an all-time high while average weekly earnings have risen above the rate of inflation. Welsh Government housing schemes have also helped would-be property owners onto, and up, the housing ladder. We know from a recent survey we did that a quarter of people in Wales admit Brexit is affecting whether they buy or sell a home. Brexit has undoubtedly affected the market but so far hasn’t dampened the market in Wales as much as England, with the number of property sales estimated to be on a par with last year. Affordability of homes in the country compared to areas of south-west England is likely to have helped growth, along with supply and demand.”
ACJ Properties has been trading since 1993 in the Vale of Glamorgan and Cardiff. If you are interested in buying, selling or investing in property, we would be delighted to hear from you.
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