House Prices Rise More in Wales Than the Rest of the UK
The secret is finally out, folks! Of course, we have all always known what a wonderful place Wales is to live and work, and it appears that more people than ever are deciding to relocate and join us.
HM Land Registry figures published in December 2021, show that the largest annual house price growth was recorded in Wales, where house prices increased on average by 15.5%. This is in comparison with England where over the same period the average house price increase was 9.8%.
These types of trends are always driven by a combination of factors, but it seems that more of us are able to work from home, which opens up the potential for living further away from the traditional city commuter belts. In addition, repeated lockdowns have left many people yearning for easier access to open space, be it coast or countryside. Even before Covid-19 there was a general trend towards enjoying the great outdoors, with less recreational time spent shopping in town and city centres and more time spent on outdoor pursuits, such as hiking and biking.
Wales has historically provided great value for money property-wise. The South Wales Valleys in particular have traditionally been overlooked by some, but the truth is that ‘the times they are a-changing’, and what the residents of towns like our own Aberdare have always known, is now becoming more widely appreciated. In April 2021, Aberdare made the National News after dozens of people slept overnight outside an estate agents shop to snap up 13 new-build houses, all of which then sold in less than 3 hours!
The attraction of the Valleys is in the wide variety of property types available, with beautiful countryside and the National Park on the doorstep, coupled with good local facilities and easy access to prime public services and healthcare. Plus, transport links to motorways and major cities are good and improving all the time with the dualling of the A465 Heads of the Valleys continuing.
Also, more recently the South Wales Valleys have seen several important tourist ventures open, which has further increased the profile of the area and the attraction for home buyers. For example, Zip World Tower in Rhigos, Hirwaun opened in Spring 2021, and BikePark Wales in Merthyr Tydfil attracts mountain bike enthusiasts from all over the UK. Another attraction for visitors is the area around the Vale of Neath known as “Waterfalls Country”. Recent figures show that more than 300,000 people visit annually to enjoy the spectacular scenery and take part in activities such as caving, potholing, and gorge-walking.
Delving a bit deeper into the statistics, it is also interesting to note that sales volumes (number of houses coming to the market and being sold) actually decreased by 25.9% in Wales, between August 2020 and August 2021 (Source: HM Land Registry December 2021). This reduction in availability, coupled with the increase in desirability of living in Wales has undoubtedly accounted for much of the increase in house prices. It remains to be seen what 2022 will bring and whether these trends are set to continue. However, the housing market remains robust and we are sure that the whole of Wales will continue to attract savvy buyers.
Here at Jones Battye, our surveyors know South Wales like the backs of their hands! So, if you are looking to move and need expert property advice or valuation, please give us a call on 01685 378894 (Aberdare) / 02920 625433 (Cardiff) or email us at enquiries@jonesbattye.com. How can we help you today?
