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Wednesday, 8 August, 2001, 06:53 GMT 07:53 UK
Wales lags behind in housing boom
house sales
New official figures released on Wednesday show house price increases in Wales are lagging well behind those in England.

The cost of the average dwelling in Wales went up by around six and half per cent in the year to July, while in England prices rose by almost 11 per cent.

The latest figures from the Land Registry show an uneven pattern in house price figures across the UK.

Increases by region
Wales: 6.48%
North: 7.09%
London: 6.65%
South East: 12.9%
East Anglia: 14.9

However, scarce supply and strong demand means that prices are rising in most areas of the UK - and that is despite all the talk of an economic slowdown.

House price rise "hot spots" were in England with the south east , the Midlands and East Anglia were all well above average.

But the figures for the three months to June show Wales is trailing bottom of the pack recording the lowest price growth of any economic region.

Hot spots

Wales saw the slowest price increases, with prices rising by just 6.48% during the year, taking the average cost of a house from 64,767 to 68,963.

There are hot spots - notably places like Cardiff and Monmouthshire - but elsewhere sluggish economic conditions have kept prices more or less static.

The borough of Blaenau Gwent in south east Wales - which has been hard hit by job losses including the rundown of the Corus plant at Ebbw Vale in the last year - has the cheapest homes in England and Wales.

The average house there still costs less than 35,000 - only around a third of the overall figure for England and Wales.

Contrast that with Greater London where an average price of 410,066 means a detached house is the most expensive property to buy.

See also:

30 May 01 | Wales
House price growth lags behind
21 May 01 | Business
Fears of crash blight housing market
03 May 01 | Business
Property prices surge
30 Apr 01 | Business
Housing market steady
10 May 01 | Business
UK trims rates 0.25%
03 Apr 01 | Business
Foot-and-mouth hits house prices
21 Feb 01 | Business
Halifax stokes mortgage war
20 Feb 01 | Business
Analysis: Cheaper mortgages for all?
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