House Prices in Wales Lead the Way

This month’s Rightmove House Price Index brings us news that the nations home asking prices continue to rise and house prices in Wales lead the way.  London is bucking the national trend with prices pretty still at +0.2% since the first lockdown while prices in the North have, in some cases, reached double digit increases.  London prices remain though 2.9 times higher than prices in areas in the North.

Nationally, Rightmove report that “new records continue to be set as the average price of property coming to market this month jumps by 1.8% (+£5,767), to a third of a million pounds (£333,564).  Meanwhile house prices in Wales lead the way at +13.0% with the North West up +11.1%, Yorkshire and the Humber up +10.5%.

“This strong market appears to have enough momentum to shrug off the imminent end of the stamp duty holidays in England and Wales.”

Mini Boom to House Prices in Wales

Tim Bannister, Rightmove’s Director of Property Data comments: “Last year’s unexpected mini-boom is rolling on into 2021, with new price and market activity records again defying many predictions.  Buyer affordability is increasingly stretched, but there’s obviously some elasticity left to stretch a bit more as many buyers are squeezing their way into higher price bands.  This high demand, with both willingness and ability to pay more, has pushed the average price of property coming to market to a new all-time high of a third of a million pounds.  In another twist, it is the regions of Britain further north that are leading the way, with some degree of catching up between average prices in London and the north.  While the gap remains very large, with average prices in London still 2.9 times higher than those in the north, this ratio is now at its smallest since 2013.  The pandemic has given a greater focus on the home, and in 2020 we saw a surge in southern coastal and rural areas.  So far 2021 is proving to be the year of the northern mover, not only satisfying their pent-up housing needs, but in doing so also narrowing some of the huge price gap with London.”

Consequently, potential buyers are having to act quickly when a new listing comes available and, according to Rightmove, “This strong market appears to have enough momentum to shrug off the imminent end of the stamp duty holidays in England and Wales.”

Developer Money Market are independent brokers specialising in property development funding.  To compare property development finance simply click here or call us today on 0207 096 2003.

Leave a Reply

Looking for funding for your next property development project?

error: Content is protected !!