According to a recent report, house prices in Wales have seen the largest decline since the financial crisis of 2009. This is according to data released by the Principality Building Society from their Wales House Price Index for the final quarter of 2023, which tracked the rise and fall of house prices for all 22 local authorities in Wales. The report states that average house prices fell by 6% YoY, bringing the average housing price down to £234,000. This marks a stark contrast to the same period the previous year, which recorded a record high peak at £249,076.
While there were some areas of improvement in certain pockets of Wales, including Gwynedd, Anglesey, Cardiff, and Caerphilly, the vast majority of local authorities recorded annual price falls. Perhaps the hardest hit is Merthyr Tydfil, with house prices in the area down by over 20%. Other areas have seen double-digit declines such as Monmouthshire, Carmarthenshire, Blaenau Gwent, Torfaen, and Denbighshire.
Shaun Middleton, head of distribution at the Principality Building Society, remains optimistic and suggests that there are “some positive signs,” which could mitigate continued downward trends in 2024. While the cost of living continues to be a factor, lower inflation, alongside an expectation of eventual interest rate cuts from the Bank of England, should alleviate some issues. Middleton adds that some lenders have already cut rates substantially, and that this trend is likely to continue
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