HOUSE PRICES SURGE AHEAD

PROPERTY prices in some parts of Wales have risen by more than £100 a day.

The result of the Covid19 pandemic on the Welsh housing market has been substantial, with data from financial companies, property portals and the Office for National Statistics (ONS) revealing a record high in the average house price.

Across the UK, the period during and post-pandemic even saw the rare event of a ‘full house’ not seen since 2007 - when all regions of Great Britain and Northern Ireland saw a percentage increase.

Property portal Rightmove has put this pandemic “buying frenzy” down to potential buyers’ fear of missing out in the current competitive market, which is said to be fuelled by rising activity from both buyers and sellers and the continuing shortage of available stock.

Rightmove states the property market across the UK continues to set new milestones for price and activity levels.

The property portal reported in April that the price of property coming to market hit a new record UK high for the third consecutive month from January to March 2022.

Described as a “spring market frenzy”, Rightmove said Wales was, once again, at the top of the regional list.

This has also been echoed by ONS figures.

Data released in May, covering the year from March 2021 to March 2022 indicated the average house price in Wales has increased by 11.7% to the record high of £206,395.

Property experts are predicting a slight slowing down of the galloping monthly increases in house prices but the continuing lack of supply of properties will keep the market buoyant.

Gwynedd prices rose by £28,486 (15.8%) from £179,909 to £208,395, a daily average increase of £78.

In Conwy, prices rose by £24,205 (13.3%) from £182,080 to £206,285, a £66 daily average rise.

Anglesey prices rose by £23,849 (11.7%) from £203,657 to £227,506, a daily average of £65.