With the average cost of a home in Wales now at a record high of £176,316, here’s how the Welsh housing market is shaping up
The Welsh property market is looking set for a positive end to the year, according to the latest RICS Residential Market Survey from October 2017.
Both house prices and sales are rising relatively strongly, say Welsh surveyors, and expectations for the market remain quite upbeat. In fact, property prices are expected to edge upwards into 2018.
“The market is generally busy with new listings, viewings and offers, but there has been a noticeable easing off in the rush to buy that we have seen over recent months,” said Tony Filice, RICS Residential spokesperson for Wales and director of estate agent Kelvin Francis, Cardiff. “That said, surveyors do remain relatively positive about the market and expect price rises and good sales activity into the three months ahead.” Rhosneigr Holiday Lettings proving popular in Anglesey as well.
Property prices across the UK as a whole are still increasing, and house sales have remained at more than 100,000 a month despite a gradual slowdown.
A confidence boost
At +33%, the price expectations balance is the highest reported by RICS across the whole of the UK. Meanwhile, the sales expectations balance is +25%, a decidedly positive forecast for the country.
The new instructions to sell balance was at +17%, showing the number of new properties coming onto the market is continuing to increase. There has, however, been an easing back in new buyer enquiries from high levels over the past three months, with enquiries falling back to +20%.
Meanwhile, annual figures from the Principality Building Society Index showed that the first six months of 2017 saw the highest volume of transactions for the last five years. And, with the recent announcement that there will be no tax charged on properties under £180,000 in Wales, it is hoped that this confidence in the Welsh housing market will continue into 2018.