The Welsh housing market and house prices across the UK are changing. After over a year of prices continuing to fall, the housing market is showing signs of recovery, with the average house prices rising across most properties sold in Wales. For buyers and investors, this means opportunities and challenges. In this article we’ll look at the recent changes in house prices in Wales, what it means for you and how Graham Evans & Partners can help you through it.
Recent Rise in House Prices in Wales
House prices in Wales have risen for the first time in over a year according to the Principality Building Society House Price Index. According to the House Price Index, the average price is now £236,369 after five quarters of falling prices. Although house prices are up, the average price is still 2.4% lower compared to this period last year.
Most local authorities in Wales saw sold prices rise between April and June 2024 for the first time since 2022. But local authorities of Wrexham County, Powys and Merthyr Tydfil were the exceptions, showing a fall in the average house price compared to last quarter.
Bridgend hit a new high with the average property price reaching £250,000. Shaun Middleton, head of distribution at the Principality Building Society, called this a “big turnaround” and said that the market may be settling after year-on-year of ups and downs.
In the local authority of Swansea County, where GEP Legal is based, the average property price has risen 4.3% to an average price of £236,285 in the year between June 2023 and June 2024.
Sales Volumes by Property Type
According to data from a survey published by Principality, certain property types are driving sales volumes, with a strong preference for detached properties compared to semi-detached properties. Flats are still the most popular property type, with the number of these properties sold up by a third this quarter compared to the previous year.
What Does it Mean for Buyers and Investors?
Market Stability
Data from many local authority areas indicate the recent rise in the average price of houses may mean the Welsh housing market may be settling after years of volatility following the impact of the pandemic. For buyers, this means more predictable pricing and less volatility when buying. For investors, this means a safer place to put your money.
Opportunities for First-Time Buyers
Despite the recent price rise the market still offers opportunities for new buyers. Government commitments to new-build properties and renting social housing properties means prices may continue to rise, with better economic conditions, increased affordability and more buyers. This new price stability means now could be a good opportunity to get into the housing market.
Investment Potential
For property investors the average Wales house price rising and number of sales mean a potentially good market. With 10,200 transactions in Wales between April and June 2024, a multi-month increase of 24% from January to March and 16% from the same period last year, the market is busy. Based on this information, investing now could mean big returns as the market in Wales recovers.
How Can a Conveyancing Solicitor Help?
Expert Advice
Buying and selling property can be complicated especially in a changing market where the average price of a home rises and falls. Conveyancing solicitors provide expert advice to ensure all the legal aspects of buying or selling a property are done efficiently. They can help you understand what the rising house prices and sales in the UK mean for your transaction and give you tailored advice to suit you.
Smooth Process
Conveyancing solicitors streamline property transactions by doing all the legal work for you. From preparing documents to doing searches and managing contracts they ensure everything is in order so there are no delays or issues caused by market fluctuations.
Peace of Mind
Working with a conveyancing solicitor means you have peace of mind knowing the professionals are handling your property transaction. They keep you informed every step of the way so you’re never in the dark about your Wales house purchases or sales. This means you can focus on the other aspects of your move or investment.
Why Choose Graham Evans & Partners?
Accredited experts
Graham Evans & Partners is a Law Society-accredited conveyancing specialist. Our team of conveyancing solicitors in Swansea have years of experience helping clients move home in Wales. We keep track of Wales house price changes and offer a competitive price for a quality service so your property sale is hassle-free.
Personalised Service
We know every property transaction is different. Our conveyancing solicitors offer bespoke services to suit you. Whether buying, selling or remortgaging we deal with your case personally and avoid any hidden charges and keep everything transparent throughout the process.
Ongoing Support
From the initial consultation to the completion of your property transaction we provide ongoing support. We keep you informed of what’s happening and do all the legal work for you. If circumstances change we discuss and revise the schedule with you so you’re always aware of what’s next.
Conclusion
As the average price of homes in Wales rises and the housing market stabilises, first-time buyers and property investors face opportunities and challenges. Knowing what’s happening and tracking information provided by key authorities is important for making the right decisions.
As Wales house prices increase, Graham Evans & Partners’ conveyancing solicitors are here to help you through this changing scene. With our expert advice, streamlined process and personal service we’ll handle your property transaction with care.
Get in touch at 01792 655822 | mail@geplegal.co.uk today.