According to online property portal Rightmove, house prices in Wales are on the up while the rest of the UK have been looking a little less impressive.
Rightmove have said that during May the average asking price in Wales managed to break through the £200,000 barrier for the very first time.
In contrast, London and the surrounding areas experienced year-on-year declines for the average property asking price.
Miles Shipside, director of Rightmove, explained that homebuyers in Wales were faced with property prices that are as much as 4.1% higher than they were in the same period of 2018. Other regions have also experienced year-on-year growth, but fail to match the growth in Wales, as West Midlands asking prices are up 3%, the East Midlands are up 2.5% and the North West are up 2.1%.
The average asking price in Wales is currently £200,386, and industry professionals believe one of the main reasons Wales is performing so well is because there are far less worries around the Brexit ordeal. The Brexit doom and gloom that surrounds London and much of England doesn’t seem to be mirrored to the same extent across much of Wales.
There are also more practical reasons for the healthy growth, such as the lifting of tolls on the Severn Bridge and the ongoing improvements that are taking place around the Mersey Gateway. These local factors are likely to be contributing quite significantly to the levels of buyer demand in these areas. Many parts of Wales are also seeing plenty of investment, including both Cardiff and Swansea, meaning the entire area and the markets within them are receiving a boost.
The latest Rightmove figures show that the average asking price for a property placed fresh on the market in the UK increased by £2,800 in May. According to Rightmove, the average UK asking price now sits at £308,290, which is 0.9% higher than it was in April.
Shipside highlighted that price increases fit an expected trend for this time of the year, with only one overall fall recorded in the last decade. There are currently 4 out of 11 UK regions that are now at record highs for seller asking prices.
Industry professionals claim that things are looking strong in the property market, and that sellers shouldn’t be disheartened if viewing figures are down because the quality of interested buyers is now much better than before.
However, it should be stressed that this increase in the average asking price must also be viewed with caution to ensure it doesn’t stretch too far away from market demand. After all, asking prices are not selling prices and so a home should still be marketed at a realistic asking price for a sale to be successfully achieved, otherwise there is the risk of potential buyers being driven away before even opening negotiations.
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