House Prices in Wales Show Stable Increases

Welsh experts of the housing sector claim that the country enjoys the most rapid recovery of the property industry as house prices in Wales rise while the rest of the UK sees decreases in property values. According to the figures revealed by the Land Registry, an average increase in house prices of 0.5% registered in August took an average house price of a Welsh house to £123,491. Meanwhile, the rest of the UK territory saw a decline in house prices of approximately 0.1%. Land Registry data also showed that Wales took the 3rd place in terms of increases in house prices; it was outperformed by London and West Midlands only. In the opinion of leading Welsh estate agents, such as Mr. Peter Reilly – Savills’ head of residential property sales – the property sector is definitely showing signs of recovery. Not only the house prices in the country matched the expectations of estate agents, they are also believed to result in an increase of sale transactions as soon as by the end of this year. In addition to continuous increases in house prices, the Land Registry data, which was compiled on the basis of agreed property sales, suggests that the year-on-year decline in house prices started to narrow. The annual house price fall registered in August 2009 stood at 7.3% - the lowest value since August 2008. Managing director at one of the most well-known Welsh estate agencies – Peter Alan – Mr. Mick McGuire, claims that the Welsh property market has finally returned to normal level of activity. Despite the fact that house prices in Wales fell by 10% in the capital, by 20% in the Valleys and by 15% in South Wales in the past year, the most recent data shows a significant stabilisation in the market. He added that house prices have been increasing by 0.5-1% in the past months and that this situation is to be sustainable. According to the latest information on house prices available, England and Wales saw increases of 0.2% in September.