House price growth in Wales slows annually: Principality

Wales sees its lowest yearly house price growth since 2013, according to Principality Building Society.

Between Q1 2018 and Q1 2019, the average house price in Wales grew 0.4 per cent to £185,018.

Despite this, house sales were up 6 per cent in Q1 2019.

On a regional basis, Blaenau Gwent led the way with the highest annual growth in house prices at 9.8 per cent. This was followed by Merthyr Tydfil at 7.7 per cent.

In contrast, Flintshire recorded a 5.8 per cent decline year-on-year, followed by Wrexham which fell 3.7 per cent.

Furthermore, the data collected by the lender shows that house prices fell by 0.8 per cent in the first quarter of 2019, which the society attributed to “uncertainty surrounding Brexit.”

In Q1 2019 the average house price in Cardiff rose the highest amount at 3.8 per cent. In comparison Flintshire recorded the largest decline at 7 per cent.

Principality Building Society chief financial officer Tom Denman comments: “As anticipated, we have seen a quarterly decline in house prices which is connected to the ongoing economic uncertainty caused by Brexit.

“House sales are up year on year, with Brexit seemingly not having the same negative effect on the number of sales that are taking place in the Welsh housing market as it has in southern parts of England, in particular.

“The south-east of Wales continues to see house price growth as a result of the abolition of the Severn Bridge tolls and the widening commuter belt between Bristol and Cardiff.

“With political uncertainty continuing, it is difficult to gauge whether the market will bounce back in quarter two or will continue to show signs of slowing.”

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