Mortgages  

Cause for hope in Welsh housing market, says Sexton

The director of e.surv said a monthly fall of 0.2 per cent and an annual fall of 0.9 per cent should be considered alongside a three-and-a-half year high seen in house sales in Wales over the past month, with first-time buyers starting to “unlock property chains”.

He was commenting on the Wales House Price Index, produced by property services provider and e.surv’s parent company LSL with the help of research consultancy Acadametrics.

The research, which drew on Land Registry figures, showed the average house price in Wales now stands at £150,016. There were 3,325 sales in Wales in August, an increase of 12 per cent from 2012.

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Mr Sexton said: “First-time buyers now make up a larger part of the property market in Wales, which has caused the fall in average house prices.

“More first-time buyers mean more properties have been purchased at the lower end of the market, therefore lowering the average value.”

Glyn Jones, owner of Denbighshire-based Vale Financial Services, said: “My theory is that house prices are too high and no-one wants to accept that. All the new initiatives have done is bolster house prices.”

House PriceIndex levelMonthly changeAnnual change
August£150,016 232.7-0.2-0.9
July£150,389233.30-1.1
June£150,321233.2-0.5-1.5
May£151,015 234.2-0.9-1.5