Advertisement

  1. ITV Report

House prices stall in Wales as overall price tag dips

It is the first monthly fall in asking prices seen this year Credit: PA images

Across Wales and England the average asking price was £319,109 in June marking a 0.4% fall compared to figures in May.

It is the first fall seen in the month of June since 2009 at the height of the credit crunch according to property experts Rightmove who added that it is also the first monthly decline in asking prices seen this year.

The annual rate of asking prices also slowed in June to 1.8%, the lowest rate since April 2013.

Asking prices were up month-on-month in June by 0.8 % in Wales, 1.3% in the North West of England and the East Midlands, by 1.2% in the South West of England and by 0.7% in the North East of England.

People wanting to get on the property ladder may welcome the general asking price dip. However, price tags on typical first-time buyer properties with two bedrooms or less jumped by 3.5% month-on-month in June to reach £199,943 on average.

Markets traditionally slow in the second half of the year, and with a slowing in the pace of asking price rises and the forthcoming months of political and economic confusion, the usual slower market in the second half of the year seems to be one of the few certainties in 2017.

– Miles Shipside, Director of Rightmove