House prices are continuing to rise in the Vale
WHAT is happening to house prices in Wales? There are no areas of Wales where they have fallen - and is some areas, they are rising at almost unprecedented levels.
The latest Office for National Statistics (ONS) figures for average house prices in Wales – which cover the year from July 2020 to July 2021 – show there are two areas of Wales that are experiencing extraordinary growth. Both are up more than 24% in just 12 months.
Neither does this appear to be the story of second home owners pricing out longstanding residents which we had initially seen as the UK emerged from the pandemic. According to estate agents, these are people seeking family homes in nice places and willing to pay for it.
The epicentres of the hottest Welsh property market has seen for year are now two counties at either end of the nation – one in the north and one in the south.
It shows no part of the nation has been spared by inflation in house prices and people’s changing lifestyle preferences.
Conwy showed the strongest growth, rising by 25.0% in the year to July 2021, with Vale of Glamorgan close behind at 24%. The average house price in Conwy county rose from £161,121 to £201,391 and in Vale of Glamorgan from £237,026 to an astronomical £293,916 according to the ONS.
We spoke to estate agents who told us the reason for Conwy and Vale of Glamorgan now rising as the epicentres of the current property boom are similar regarding lifestyle but also unique to those particular county’s location.
Vale of Glamorgan is a county that is a perfectly located to combine coast with countryside with amenities nearby.
Situated between Cardiff and Swansea, cities and transport links to the wider world are close but not too close; vast areas of the county offer pockets of peace with either the coast or rural idyllic spots to live.
In the year July 2020 to July 2021 house prices have risen by 24% according to the ONS, from an average of £237,026 to £293,916.
Oozing with history, the county has been a beautiful place to call home for thousands of years, with evidence of bronze age settlements as well as Roman inhabitants dotted across the land.
Undulating hills and hidden valleys and dells are joined by beaches and a slice of the seashore that can boast the title of Glamorgan Heritage Coast.
There are smallholdings, period properties steeped in history and cottages within the small hamlets and villages, continuing strong sense of community.
But for anyone wanting more of a hustle and bustle, the town of Cowbridge in the county’s countryside centre and Penarth on the coast have always been popular places to live, but are currently seeing an influx of more buyers.
For commuting to Cardiff the towns of Barry, Penarth and Dinas Powys have all become popular places to relocate outside the capital’s boundary. Barry is seen as the more reasonable option out of this trio of towns for house hunters wanting to get more bricks and mortar for their budget.
As with Conwy in the north, the ability to work from home for so many more people is behind some of the increasing heat in this local pocket of the property market.
Rachel Mullins, Peter Alan Cowbridge branch manager says: “Since Covid-19 there has been a high level of prospective purchasers looking to relocate to the countryside and coastal locations and as the Vale of Glamorgan has it all, the demand for this area grew very quickly, especially for families looking for larger, detached properties with land.
“Initially the buyers were flocking from out of urban areas, but it now seems that it has settled down and it is mostly families in the area who are looking to upsize and a lot of couples looking to down size, or as I say ‘right size’.
“Cowbridge and surrounding villages remain incredibly popular, especially because of the school catchment, but equally Ogmore-by-Sea, Llantwit Major are very popular as they are coastal locations. In all honestly, everywhere within the Vale is sought after because of its beautiful countryside, picturesque villages, breath taking scenery and excellent road links.
“The prices have become record breaking and the market is unprecedented as the demand continues to outweigh the availability.”
Daniel Thomas, from Fine & Country, says: “It’s no surprise that the ONS are reporting such great growth for property in the Vale, as we all know it has always been a popular area but with the growing trend to escape to the country, rural properties with great access to the road network have been selling light the proverbial hot cake.
“When you throw in proximity to the coast then the market has just been crazy.”