Average Cardiff house is now £289k
THE average house price in Wales has hit a new high of £218,783, according to latest quarterly research from Principality Building Society.
And the typical price of a house in Cardiff is now nearly £290,000.
The level of prices in the third quarter of this year (JulySeptember) in Wales, was 11.5% higher than the same time the previous year.
This marks the third consecutive quarter where annual house price inflation has been in double-digit percentages – the strongest performance since the mid-2000s, before the “credit crunch” hit.
Every local authority in Wales experienced a rise in house prices in the latest quarter when compared annually, with an increase of more than 15% in nine of the 22 local authority areas.
In particular, Blaenau Gwent (£128,454) and Wrexham (£214,283) both reported increases of 22.5% and 20.8% respectively. In total, 12 areas including the cities of Cardiff (£289,596), Newport (£239,307) and Swansea (£208,672) recorded double digit percentage increases.
Tom Denman, chief financial officer at the Cardiff headquartered mutual, said: “The Welsh housing market, like those elsewhere in the UK, has outperformed expectations this year.
“Demand has been higher and more resilient than many expected, and although market support in the shape of the Land Transaction Tax holiday and furlough payments has now ended, the scale of pent-up demand has been such, aided by savings accumulated in lockdown and continued low mortgage rates, that the market has continued to flourish.
“Going into the fourth quarter and into 2022, we can see that price expectations have been lowered and the rate of growth has slowed.
“Clearly there is now an expectation that interest rates will rise in the near term, albeit on a modest basis, and that this will still have an impact for many households and not least those active in buying and moving homes.”