What does 2019 hold for property sales?

CPS Homes sold boards outside terraced housesWelcome to 2019!

The team here at CPS Homes hope that you enjoyed a wonderful festive break and wish you the very best for the year ahead.

With a new year we can expect new predictions, and forecasts are well underway as experts have their say on what they believe 2019 will hold for the UK property market.

Experts predict a property market standstill

Many UK experts believe that house prices will come to a standstill, but there is also an air of optimism when it comes to Wales.

Brexit is raising concerns due to the uncertainty of its impact on many industries, and along with affordability issues and a lack of choice due to dwindling numbers of homes put up for sale, UK experts believe this will continue to have a large effect on the UK house market and result in house price growth stalling during 2019.

Wales expected to build on positives from 2018

Despite these concerns from most corners of the UK, property experts in Wales predict that the Welsh property market will avoid a negative impact from Brexit after the first quarter, largely due to other domestic factors likely to have a positive impact in some areas of the country.

The past 12 months were positive for Wales, and property website Zoopla declared Wales the second highest region for increases in property value within the UK, as the average house price rose by 3.98% last year. By the end of 2018, Zoopla found that the average house price in Wales stood at £192,362.

The same research found that many parts of Wales experienced extremely strong growth. For example, Pontypool saw an average house price increase of 7.52%, which was the fifth highest town in all of the UK.

Plenty of room for optimism following nervous start

Tony Filice, a fellow of the Royal Institution of Chartered Surveyors (RICS) recognised that 2018 had been a hesitant year for many buyers and sellers in the UK, but also said that once nervousness fades from the market many more properties are likely to become available for purchase. Filice predicts that by the middle of next year the property industry will have a very buoyant market, with both a growing supply and a growing demand.

Wales also expects to experience a further boost in the property market following the removal of the Severn Bridge tolls. This should encourage buyers to consider Wales, and the lower cost of operating in Wales could mean that many industries also look at basing themselves in the country, which would lead to an increase in employment and labour force for Wales.

Are you thinking of selling a property in Cardiff this year? If so, don't hesitate to get in touch with us today. We're proud to be Cardiff's largest lettings and estate agents, and our dedicated team have the knowledge and expertise to ensure you get the best price for your property. We have three branches across Cardiff that you're welcome to pop into, but you can also contact us by calling 02920 668585 or by e-mailing enquiries@cpshomes.co.uk.

02 January 2019

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