{"id":3022668,"date":"2019-01-21T15:46:51","date_gmt":"2019-01-21T15:46:51","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=3022668"},"modified":"2019-01-21T15:46:51","modified_gmt":"2019-01-21T15:46:51","slug":"house-prices-in-wales-surge-to-new-all-time-high","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-us\/2019\/01\/21\/house-prices-in-wales-surge-to-new-all-time-high\/","title":{"rendered":"House prices in Wales surge to new all-time high"},"content":{"rendered":"

House prices in Wales have hit a new record in the latest figures released by the Principality Building Society.<\/strong><\/p>\n

The new all-time high is an average price of \u00a3186,699<\/strong>, just over \u00a32,000 more than the previous record<\/a> set in the building society\u2019s last report. It is 3%<\/strong> higher than for the corresponding period of Q4 in 2017, but prices were sluggish in the latter part of 2018 and increased by just 0.3%<\/strong> – a fall from 3.6% in the previous quarter.<\/p>\n

Newport and nearby areas lead the way<\/h4>\n

The south-east of the country featured three areas – Monmouthshire (\u00a3290,437), Newport (\u00a3199,046) and Caerphilly (\u00a3155,672)<\/strong> – all returning a new record high price. Newport\u2019s proximity to the now toll-free Severn River<\/a> crossings has helped a surge in prices in the city, with its average price still around \u00a3100k less than that in trendy Bristol across the river.<\/p>\n

Average prices in Caldicot and Chepstow, two towns in Monmouthshire near the Severn bridges, have gone up by 12% and 16% respectively since the scrapping of tolls was announced in July of 2017.<\/p>\n

Wales performs well in other housing figures<\/h4>\n

The Principality\u2019s findings for Wales are broadly in step with other data recently released<\/a>. Rightmove show an annual uptick of 4.3%<\/strong> while Your Move record a rise of 3.6%<\/strong> – and both return an average price of a shade over \u00a3188k<\/strong>.<\/p>\n

\u201cHousing transactions for Wales are broadly the same, or we estimate it will be broadly the same as 2017, at about 48,000,\u201d says Tom Denman, the Principality\u2019s Chief Finance Officer. \u201cWhen we look at the fundamentals of the housing market, and what drives some that demand, there are a number of reasons.<\/p>\n

\u201cSome of that could be that mortgage rates are at a historic low and have been so for a number of years now. Unemployment remains low, and we\u2019re starting to see wages rise faster than inflation. When you put that together, that really drives the reason for the demand for housing. On top of that, we\u2019ve seen a number of the housing schemes that the Welsh Government has backed.\u201d<\/p><\/blockquote>\n

The introduction of the Land Transaction Tax<\/a> in Wales last year, replacing stamp duty, means that the average mover in Wales paid only \u00a3236 on average in duty, around \u00a31,000 less than under the previous system. That, and the need for more housing stock, is helping to fuel the surge in Welsh prices.<\/p>\n

Denman adds, \u201cThere\u2019s stamp duty levels or land transaction tax levels and thresholds go up and there\u2019s still actually a lack of supply of housing. That has underpinned the growth in house prices.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

House prices in Wales have hit a new record in the latest figures released by the Principality Building Society. The new all-time high is an average price of \u00a3186,699, just over \u00a32,000 more than the previous record set in the building society\u2019s last report. It is 3% higher than for the corresponding period of Q4… Read more »<\/a><\/p>\n","protected":false},"author":3875,"featured_media":3022670,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59,6],"tags":[33,341,353],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/3022668"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/users\/3875"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/comments?post=3022668"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/3022668\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media\/3022670"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media?parent=3022668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/categories?post=3022668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/tags?post=3022668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}