The housing market in Wales has experienced unprecedented levels of growth in recent years, but still remains one of the more reasonably priced areas in the UK.
Cardiff remains the cheapest capital city in the British Isles. Experts predict that growth will continue, but at a slower pace due to interest rate rises.
1. The statistics
- Average price of a property in Wales: £142,552
- Monthly change: +1.8%
- Annual change: +10.3%
2. The outlook
- Year on year growth
According to Land Registry figures, the level of price growth in the past year in Wales is second only to London, reflecting a renewed interest in this region. And while the rate of growth is beginning to slow down in other regions, prices in Wales continue to thrive. Neath Port Talbot experienced the strongest monthly growth in May 2007 with an increase of 2.4%.
- Playing catch-up
Despite high percentage levels of growth, prices in Wales remain much lower than elsewhere - mainly due to the traditionally low prices in the Valleys and mining towns.
According to Halfax chief economist Martin Ellis: "Wales, Scotland and, to a lesser extent, Northern Ireland, have dominated the UK county league table for house price growth over the past five years. Much of the outperformance by these parts of the UK has been part of a catch-up process with the greater availability of more affordable property stimulating demand and therefore allowing prices to rise more quickly."
- Young appeal
Affordable prices and a buoyant market are attracting many young first-time buyers here.
David Bexon, Managing Director at SmartNewHomes.com said: "Cities such as Cardiff are continuing to act as a magnet for young homeowners, with thriving business centres offering a growing number of career options and prospects in addition to a wide choice of property at affordable prices and for many, a better quality of life."
3. Place to watch
Rhyl. A series of projects under the umbrella name of 'Rhyl Going Forward' will help rejunvenate the town. Project manager Paul Smith says: "Anyone who knows what the town was like who comes back now will see a difference, and changes for the better are happening all the time."
The housing market by region
Useful links
- Recent property sales - see what's sold in your area
- Average property prices - examine local trends in your area
- Find a property - look for your new home in your area
- Property valuation reports - get an instant home valuation for £19.95
average price, annual % change
- Blaenau Gwent: £90,902, +11.9%
- Caerphilly: £117,846, +7.6%
- Cardiff: £156,345, +4.6%
- Carmarthenshire: £140,336, +11.4%
- Ceredigion: £188,926, +2.2%
- Conwy: £156,656, +4.6%
- Denbighshire: £141,762, +7.3%
- Gwynedd: £146,562, +10.9%
- Merthyr Tydfil: £83,815, +11.4%
- Monmouthshire: £194,463, +3.2%
- Neath Port Talbot: £104,270, +5.2%
- Newport: £137,687, +3.8%
- Pembrokeshire: £180,511, +11%
- Powys: £164,075, +4.5%
- Rhondda Cynon Taff: £94,952, +12.4%
- Swansea: £130,339, +8.7%
- The Vale of Glamorgan: £171,613, +7.4%
- Torfaen: £128,080, +8.2%
- Wrexham: £153,718, +12.2%
Source: Land Registry, May 2007
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