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HOUSING MARKET IN WALES RISING


A building society said that there are "glimmers" of improvement in the housing market in Wales, following figures showing an increase in transactions, but a decrease in average prices.

Principality Building Society data showed that the average house price for Wales was £232,400. This is a decrease of almost 3% in the last year.

The Wales House Price Index revealed that the number of transactions increased by 11% in the last 12 months.

Shaun Middleton said that there is "no direction" in the house price trend.

Halifax and Nationwide figures, which examine the housing market in the UK, show that house prices in Wales have increased by 4,4% and 2,5%, respectively, in the last year.

Anwen, a 28-year-old woman, said that despite the increased sales, she was struggling to get people's attention.

In recent years, the housing market has been affected by the rising cost of living and interest rate increases from the Bank of England, which make borrowing more expensive, including mortgages.

Many analysts expect interest rates to fall further, as inflation is now below Bank of England's target rate of 2%.

The Bank has cut its rates from 5.25 to 5% for the first since the beginning of the pandemic, in March 2020.

According to the quarterly statistics of the Principality, the average house price for Wales has fallen compared to the previous quarter from April to June . This was the first time in over a year that the price had risen.

The market is showing a positive trend, with sales up 18% from July to September, and 11% over the past year.



Source: Housing Market

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