Welsh house price growth at 4-year low

House price growth in Wales is currently at its lowest annual rate for nearly four years, the Principality House Price Index Wales has found.

The average house price in Wales is currently £171,720 after a 0.8% rise in the year to July 2017.

This annual rate is the lowest seen since August 2013.

Tom Denman, chief financial officer at Principality Building Society, said: “the housing market tends to adopt a cautious attitude when the future direction of the economy becomes uncertain.

“We can therefore expect to see further fluctuations in housing sales and prices, as potential purchasers weigh up the pros and cons of making what is one of the largest investment decisions of their lives.”

There were 5% fewer housing transactions so far in 2017 compared to the corresponding period last year.
On a quarterly basis prices rose the sharpest in Denbighshire at 9.1% and fell by the most in Ceredigion and Carmarthenshire at -8.3%.

Denman added: “The cost of living is rising, which means that consumers need to spend more just to maintain their current standard of living. This is a significant extra pressure for those who are saving for a deposit.”

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Written by: Houseladder