House prices rising faster than anywhere else in the UK

HOUSE prices in Wales are growing faster than anywhere else in the UK, according to latest figures.

Wales is recording the highest level of national growth at 9.8% whereas house prices in the UK as a whole rose by 6.1% on average in August.

It shows that momentum in the UK property market is continuing unabated, despite the end of the stamp duty holiday, say property portal Zoopla in its monthly House Price Index.

It notes that UK house prices are continuing on their upward path, now averaging £235,000, up £17,508 since the start of the pandemic.

This is the highest average UK house price on record, and follows a consistent six month average increase of £44 per day. This acceleration in growth is up from £30 per day in the six months prior – July 2020 to January 2021.

Wales recorded the highest level of national price growth at 9.8% – also outstripping each of England’s regions – followed by Northern Ireland (8.4%) and the North West of England (+8%).

So Wales has the fastest rate of growth and London has the slowest. The disparity s the widest seen in three years, added Zoopla.

At a city level, price growth in Liverpool continues to be the highest amongst the UK’s major cities, with average prices up almost 10% in the 12 months to September; meanwhile, house price growth in London is +2.2%.

In fact, the market is continuing to move at its quickest pace for the past five years with the time between listing a property and agreeing a sale consistently averaging under 30 days each month since May.

Typically, time to sell would be over 40 days at this time of year. Additionally, buyer demand is still 35% higher than average levels recorded over the last five years.

The “search for space” in a property is driving the market, Zoopla claims.

But on the other hand evidence suggests that more landlords are bringing properties to the sales market.

Grainne Gilmore , Head of Research, Zoopla, said: “The ending of the ‘tapered’ stamp duty holiday has had little impact on buyer demand, which remains higher than typical levels for this time of year.

“The demand coming from buyers searching for space, and making lifestyle changes after consecutive lockdowns, has further to run.

“Balancing this however, will be the ending of UK government support for the economy via furlough, and more challenging economic conditions overall, which we believe will have an impact as we move through the fourth quarter of the year.”