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Welsh house prices 'are expected to rise'

Credit: Joe Giddens/PA Wire

Welsh house prices are expected to rise over the next three months despite a cooling off in demand after the introduction of stamp duty changes.

That's according to the latest survey from the Royal Institution of Chartered Surveyors (RICS).

Its longer term outlook suggests that prices will still be expected to rise by more than 4 per cent each year for the next five years.

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House prices 'rise in Wales'

Credit: Joe Giddens/PA Wire/PA Images

House prices have risen across Wales for the fifth consecutive month, according to the latest RICS UK Residential Market Survey.

In October, over a quarter more chartered surveyors saw house prices rise rather than fall across Wales, up from a balance of 15% in September.

It is hard to get away from the issue of supply when it comes to the current state of the housing market in Wales and across the UK. The legacy of the drop in new build following the onset of the global financial crisis is now really hitting home with both the sales and letting markets continuing to show demand outstripping supply on a month by month basis.

– Simon Rubinsohn, RICS Chief Economist

Asking prices rise in Wales bucking UK trend

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House sellers' asking prices edged up slightly in Wales in August, a time traditionally when buyers were able to snap up a property at a bargain price over the summer holidays.

They rose by 0.2% according to property website Rightmove. It means the average price is £177,709.

Across the Wales and England a 0.8% or £2,258 month-on-month price fall took the average asking price to £292,284.

The underlying shortage of property coming to market compared to buyer demand has helped to deliver the strongest August price performance since before the credit crunch.

Buyers can normally pick up some bargains in August as sellers who are marketing their homes when they should be holidaying often have a pressing need to sell and mark their prices down pretty aggressively.

– Miles Shipside Director, Rightmove

House prices 'flatline' in Wales

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The number of new properties coming onto the market in Wales increased in March, but the supply boost failed to excite buyers, as potential new buyers declined according to the latest Royal Institute of Chartered Surveyors (RICS) UK Residential Market Survey.

House prices stagnated with just 4% more surveyors in Wales reporting an increase – bucking the trend across much of the rest of the UK where 21% more surveyors reporting a rise in house prices in March (up from 15% in February).

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House prices at their highest for more than five years

House prices in Wales have been rising steadily over the last twelve months according to figures out today. The average price of a home here is now at highest for more than five years.

The surge is being put down to continued low interest rates and better deals for borrowers - although experts say the future of the housing market is still uncertain, as Kevin Ashford reports.

Home owners confident about house prices

Home owners are expecting property values to jump by nearly 9% between now and September, according to research by property website Zoopla.

House prices in Wales in February were at their highest for 6 years Credit: PA

Some 95% of home owners are predicting prices will rise in the coming months, which is the most widespread expectation recorded since the property website's research began five years ago. This time last year, just 74% of home owners expected property values to increase.

Only one in 50 (2%) out of nearly 5,000 home owners surveyed for the latest research expects property prices to fall over the summer, which is down from 13% when the same question was asked a year ago.

It comes as house prices in Wales in February rose to their highest for six years

How much are house prices where you live?

The average price of a house in Wales in February was £158,791, an increase of £1,235 or 0.8% since January - the highest price since September 2008.

The most expensive houses in Wales can be found in the Vale of Glamorgan, whilst the cheapest are currently in Blaenau Gwent.

Find out where your area ranks in the list below, which shows average prices for each area in February 2014.

  • Vale of Glamorgan - £218, 804
  • Monmouthshire - £214,939
  • Cardiff - £197,819
  • Ceredigion - £180,025
  • Powys - £178,456
  • Isle of Anglesey - £171,653
  • Pembrokeshire - £167,127
  • Gwynedd - £160,481
  • Flintshire - £159,769
  • Wrexham - £159,254
  • Swansea - £158,823
  • Denbighshire - £155,360
  • Newport - £154,011
  • Conwy - £151,932
  • Bridgend - £148,078
  • Carmarthenshire - £142,954
  • Torfaen - £141,636
  • Caerphilly - £124,057
  • Neath Port Talbot - £114,632
  • Rhondda Cynon Taff - £112,124
  • Merthyr Tydfil - £98,010
  • Blaenau Gwent - £81,839
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