House prices rocket in Wales in the space of a year, says new report
House prices in Wales have rocketed in the space of a year, according to a new report.
The UK House Price Index for June 2021 by the Land Registry shows that the annual price change of a property for Wales was an increase of 16.7%.
This puts the average price of a property in Wales at £195,291, amid a housing crisis in many parts of the country where people are struggling to buy homes in their own communities.
In Wales, all local authority areas showed an increase in average house prices in June 2021 when compared with June 2020.
Blaenau Gwent showed the biggest growth, rising by 24.1% to £115,000 in the year to June 2021.
In contrast, Newport showed the lowest annual change, with an increase of 3.6% in the year to June 2021, with the average house price at £198,000.
‘Over 20%’
A number of local authority areas in Wales saw increases of over 20%.
Conwy saw an increase of 20.1%, which meant the average house price jumped from £162,944 £195,748
Gwynedd also saw an increase of 20.1%, which means a jump from £153,248 to £184,037.
In Carmarthenshire house prices increased by 20.6%, which means the average property went up from £147,151 to £177,475.
House prices went up by 22.6% in Pembrokeshire and saw the average property go from costing £170,694 to £209,253.
On Ynys Mon there was an increase of 15.0%, which saw the average house price go to £202,624 from £176,144.
According to the report, volume transactions increased by 85.2% in Wales, from 1,166 to 2,159, while UK volume transactions increased by 124.7%, from 22,976 to 51,623, over the same period.
Of all property types, detached houses showed the biggest annual growth, rising by 18.4% in the year to June 2021 to £296,000.
The lowest annual change of all property types was for flats and maisonettes, with an increase of 10.9% in the year to June 2021 to £128,000.
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Why is there no mention of rental accommodation in this “Housing Crisis”
I’m currently renting and am massively paranoid that my landlord may flip the house to a airbnb as it is way more profitable.
I’m not sure if anyone has seen the cost of rental currently, average rental price, if you can find a house, is 2/3 of my wage.
Every day is just a worry, trying to figure out where I will live next if I loose this home.
I know of friends who have had to leave because of this crisis.
The influx of those wishing to buy second homes or relocate from wealthier areas has created an unsustainable situation for numerous communities throghout Wales as the rocketing market prices have pushed out local people who simply are unable to afford houses in their own communities. Many may see what is currently happening to some Welsh towns and villages as akin to the flooding of Capel Celyn in the manner in which communities are being destroyed.
That’s a valid comparison. The housing market in Cymru needs bringing under control. Drakeford’s proposed measures are simply inadequate, and if this displacement starts to happen to the same degree in the post-industrial regions he’s going to find himself without a vote-base.
It’s not just restricted to the second homes in west wales – us in the south east are suffering from low stock and high prices too.
Too right. Gwent is filling up with people moving from Bristol. often selling there at c.500k buying a good bit cheaper in Gwent and cutting their mortgage debt. As the trend to home working settles we will see even more movers from those border cities migrating across the Severn Bridges. Even though our prices are inflated they still look better than what’s being asked along that M5 strip. Further west we have escalating house prices in Cardiff pushing people out into the valleys and out towards Bridgend for a first time buy or an upgrade with a knock on effect… Read more »