Figures released by the Office for National Statistics have revealed that house prices in Wales are currently at the highest level recorded since 2007, with prices increasing by more than £1000 between September and October 2013. The report also announced that sales of properties were at the highest level since 2007, with the average property price now around £155,000, a 2% increase on the 2012 figure.
While house prices in Cardiff generally rose, the figures also revealed that first-time buyers were flocking to Cardiff, increasing prices significantly. Prices of first-time buyer homes were up by 7.4% from October 2012 to October 2013.
Across the whole of the United Kingdom house prices have risen, with the 2% rise in Wales representing the smallest increase across all regions. Scotland’s house prices rose 3.3%, Northern Ireland’s increased by 4.8% and England saw an increase of 5.7%; overall house prices across the UK rose by 5.5%, up from the 3.8% increase previously recorded. If London and the South East’s figures are removed the overall increase was actually 3.1%.
The Office for National Statistics’ report also revealed that house prices in London were rising faster than any other region, and the UK’s mix-adjusted House Price index reached 186.3 in October 2013, an increase of 0.2% on the levels recorded in August.
Finally, the report reveals that the national prices paid by first-time buyers were 5.9% higher than in October 2012, while prices for existing owners increased by 5.3% during the same period, showing that Cardiff’s 7.4% increase was higher than the UK’s average.
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