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).
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 are expecting property values to jump by nearly 9% between now and September, according to research by property website Zoopla.
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
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
The average price for a house in Wales rose by £1,235 in February to £158,791.
This is the highest price since September 2008, when it reached £159,507, (although it did briefly get as high as £158,650 in February 2010.)
It remains nevertheless well short of the all time peak price of £171,145 which was reached in October 2007.
Prices have now risen successively in seven of the last twelve months, on an annual basis.
Comparing Wales with other regions, we see that on a monthly basis, it is just about in the middle.
House prices and sales are expected to grow this year thanks to help to buy schemes and demand outstripping supply, according to a group of chartered surveyors.
The Royal Institute of Chartered Surveyors (RICS) say sales are at their highest level in almost six years and that it is helping with the recovery of the property sector.
House prices in Wales fell by 0.7% in the 12 months to July, according to the Office for National Statistics.
That compares with a 3.7% rise in England, a 2.0% fall in Scotland and 1.8% rise in Northern Ireland.
The average house price here stands at around £160,000.
House prices in Wales have fallen by almost £2,500 in the past year, according to a new study.
The LSL/Acadametrics' latest annual report puts the average price of a Welsh home at just over £150,000.