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Camilla Care

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.”

The breakdown of house prices in 2023 shows that only two counties, Vale of Glamorgan and Pembrokeshire, have experienced a notable increase, with Gwynedd’s figure standing at just over 1%. A total of seven provinces showed an insignificant change of less than one percent, both up and down.

It’s the decline in housing figures the company has achieved that is most significant, with one province experiencing the biggest decline, which could come as a surprise to many people. According to the data, Ceredigion has seen the average house price fall by -8.33%, from £254,595 in January 2023 to £233,387 in December 2023, equating to around £21,000.

But if we focus on this county, that may not be much of a surprise, as the area had seen some of the largest home price growth during and immediately after the pandemic. The year-on-year house price comparison produced by the Office of National Statistics (ONS) for November 2020 to November 2021 showed that Ceredigion was the region of Wales that showed the highest growth in annual average house prices, with a significant 24.6%. increase recorded.

Rhyl HoogstraatRhyl Hoogstraat

Rhyl High Street – Credit: Hadyn Iball

As a county, Ceredigion overtook Pembrokeshire and Carmarthenshire in popularity on the coast, with homebuyers at the time desperately trying to escape more urban areas, with equally stunning locations to call home, but at a lower asking price.

James Skudder of Country Living Group estate agents said at the time: “We’re seeing buyers generally unable to secure properties in what have traditionally been more popular, really expanding their search parameters. The latest ONS figures aren’t just a evidence of the unique variety of homes located here, but also of the fantastic value for money on offer.”

The province has not changed and remains a wonderful place to live, but the house price landscape has. And after experiencing one of the biggest regional increases, it may not come as a shock to see the average price falling again in Wales the most.

Rightmove states that the majority of sales in Ceredigion last year were detached homes, which sold for an average price of £330,002. Semi-detached homes sell for an average of £222,073, while terraced houses fetch £197,079.

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