WELSH PROPERTY UPDATE 2017
Are you thinking of selling your home? You could be much better off if you are selling your house in Wales than in other parts of the UK
The housing market in Wales is bucking the UK trend with rising house prices and growing sales according to figures released in April 2017.
The latest Royal Institute of Chartered Surveyors (Rics) residential market survey reported that while newly agreed Sales across the UK will stagnate in March 2017 in Wales they rose at the fastest rate in four months.
It’s the latest report to reveal a very healthy housing market in Wales, with figures released by the Principality Building Society showing that the average price of a house had reached a new high of £174.319. It means that average house prices in Wales are now 2.5% higher than at their pre-crisis peak in October 2007.
The steady rise in house prices over the last four years have been helped by the historically low interest rates with the Bank of England base rate having been held at 0.5% from March 2009 till late August, when it was further reduced to 0.25% in the wake of the Brexit referendum. At the same time the employment rate has risen from 67% in 2009 to 73.3% in January.
Here in the south East of Wales particularly on the English border in Chepstow/ Caldicot / Magor and into Newport, we have seen a huge increase in demand for family homes and investment clients coming over from Bristol and surrounding areas due to the government proposed plans to reduce the current Severn Bridge tolls. The Toll currently stands at £6.70 for a car, the new proposed charges stand at £1.50 each way with the transport secretary Chris Grayling stating that “the government is looking at removing toll barriers and introducing a free flow system on the severn crossings, similar to the Dartford tunnel to help cut the congestion and journey times. These changes and savings will make a huge difference to commuters and the English and Welsh economies.
So if you would like to discover what your property is worth or are thinking about moving home, please get in touch to book you free market appraisal.
Contact our sales team direct on 01633 243515