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Brian Jenkins, a man working two jobs as a supply teacher and bar supervisor, experienced the instability of renting which left him feeling uncomfortable in his own home. After being informed by his landlord that the property he had rented for 12 years was being sold, Mr. Jenkins was forced to vacate the flat. Surprisingly, the flat ended up back on the rental market at a significantly higher price than what he had been paying.
The private sector rents in Wales rose by 8.2% in the year up to June, as reported by the Office for National Statistics (ONS). Despite this, the housing prices remain stable according to data from Principality Building Society. With the average private rent in Wales reaching £804 per month in June, Mr. Jenkins, 56, expressed concerns about feeling too comfortable in case he had to uproot again.
On the other hand, Stephen Davison, 61, from Llandudno, Conwy county, shared his struggles after losing his job during the pandemic which led to an increase of £100 in his monthly rent. This financial burden, combined with repeated council tax raises, has made it increasingly challenging for Mr. Davison to make ends meet. Estate agent Douglas Haig predicted a slowdown in rent increases in Wales as landlords face rising costs.
Despite these challenges, the housing market in Wales saw an increase in average property prices to £238,098, a rise of 0.7% from the previous year. The number of sales also surged by 13%, indicating a positive trend in the market. Iain Mansfield, Principality’s chief financial officer, noted that affordability challenges for first-time buyers are starting to ease due to cheaper mortgage rates. This suggests that the overall market is stabilizing, making it more accessible for potential buyers to enter the property market
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