Home prices in Wales exceed £ 200,000.

For the first time ever, house prices in Wales have surpassed the £ 200,000 mark.

Average house prices in Wales have exceeded £ 200,000 for the first time; it now stands at £ 209,723, according to the Principality Building Society’s Wales House Price Index for Q4 2020.

Last year showed the strongest annual house price inflation in 15 years (8.2%).

Prices for single-family homes were 11% higher than a year ago as people search for space due to the pandemic.

This compares to 5-6% growth for most other property types.

“Since the end of 2020, the housing market has recovered satisfactorily.”

Tom Denman, Chief Financial Officer of the Principality Building Society, said: “The strength of the housing recovery in the second half of 2020 is surprising, and this reflects both the stimulus provided by the Welsh government in terms of the land transaction tax limited-time vacations, pent-up demand that built up during the first closing, and the race for space to buy larger properties with larger gardens.”

“In the fourth quarter, all areas of local authorities reported higher house prices than the previous year. This increased demand has been driven by higher savings in many households during lockdowns, along with historically low mortgage rates that continue. There has probably been additional demand from buyers across the border from England, with more affordable house prices in Wales in relative terms.”

“HM’s recent UK Treasury review of independent forecasts for 2021 showed large divergences in house price expectations for the year. With so many unknowns, it is impossible to offer a forecast with reasonable precision. However, once there is more clarity on containing the virus and on the full reopening of the economy, it will be easier.”

“Monmouthshire is the area with the highest median home prices.”

Merthyr Tydfil saw the strongest increase on an 18.2% quarterly basis, bringing the median house price to £ 147,687, although this may have been overstated due to a modest amount of sales data.

In North Wales, house prices on Anglesey increased 16% annually to £ 237,782, while Conwy (£ 224,068) and Flintshire (£ 216,224) increased 13.7% and 13.3%, respectively.

In South Wales, Monmouthshire (£ 332,558) and Newport (£ 222,107) also achieved strong double-digit annual increases, increasing 14.2% and 12.1% respectively.

These figures represent a positive increase for the housing market that was stagnant during the first half of 2020 due to the Coronavirus pandemic.

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