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The counties of North Wales, where house prices rise and fall

Vaseline 1 month ago

House prices in North Wales showed changes in 2023, with some rising and others falling. It mirrored the rest of Wales, where only two counties saw a notable increase in the average cost of a house.

Gwynedd saw the biggest increase in North Wales: 1.54%, while Denbighshire saw the biggest drop: 6.98%. In seven counties in Wales, the average house price remained virtually unchanged with calculated rates of less than 1%, and in twelve locations the fall was more noticeable, reports WalesOnline.

It’s been a wild ride when it comes to house prices in Wales over the past four years. While the impact of the Covid-19 pandemic saw a breathtaking rise in house prices in some areas of Wales, with Wales regularly recording the highest increases in the whole of the UK, the disastrous mini-budget that followed soon saw mortgage rates soar and for continued economic instability.

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Researchers from Welsh transport company Devonalds Solicitors say they have carried out an in-depth analysis of house price data from January to December 2023, which can indicate how house prices have risen in each county over that twelve-month period.

Rhian Derrick, partner at Devonalds, said: ‘Fluctuating house prices, as evidenced by recent House Price Index data, underline the inherent volatility in the property market. Some notable declines in average home prices over the course of 2023 reflect a challenging situation. landscape for both homeowners and potential buyers Such fluctuations can have a significant impact on investment decisions and financial planning.

“As house prices fall in areas across Wales, homeowners may face challenges in maintaining the value of their properties, potentially impacting their home equity and financial plans. However, for potential buyers, this presents an opportunity to enter the market at more affordable rates, potentially realizing their dream of homeownership sooner than expected.”