Housing crisis: Wales has fastest house price growth in the UK
Wales has the fastest house price growth in the UK, according to a new report.
The property website Zoopla found that annual house price growth in the UK is at 4.1%, up from 2.3% a year ago, while it is at 6.3% in Wales, amid fears that young people are being priced out of their own communities in many areas.
This compares to growth of 5.4% in Yorkshire & the Humber and 1.9% in London.
Zoopla said its projections indicated the property market in 2021 was on course to be the busiest for 14 years.
The value of UK sales in 2021 is forecast to be £461 billion, up 68% from 2019, however the total stock of homes for sale remains constrained, down 20.8% in the year to mid-May compared to the average last year.
The time between a listing a property and securing a sale subject to contract (SSTC) has also fallen by between 10-15 days in Wales, the north west of England and Yorkshire & the Humber, and this is accompanied by the highest levels of price growth.
‘Highest price growth’
The report says: “Wales, Yorkshire & the Humber and the North West are the regional markets registering the highest price growth.
“They are arguably also the ‘hottest’ regional markets at present – as these markets are also among those where the market is moving more quickly than the ‘normal’ market conditions in 2017-2019.
“The time between a listing a property and securing a sale subject to contract (SSTC) has fallen by between 10-15 days in the North West, Wales and Yorkshire & the Humber, and this is accompanied by the highest levels of price growth.”
Gráinne Gilmore, Head of Research at Zoopla said: “The easing of lockdowns will continue to cause a natural fall in demand as people are able to see family and enjoy amenities that have been shut for more than a year. However demand levels will remain elevated compared to historical norms.
“New buyer demand will still emerge throughout H2 as office-based workplaces confirm if they will be pursuing more flexible working practices.
“Households who have the opportunity to commute less frequently have more options when it comes to choosing where to live, and this could prompt a move.
“Likewise, older households will continue to review how and where they are living, with many more set to move for the first time in years. With an increased array of mortgages to choose from, first-time buyers will also remain active in the market.”