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Last Updated: Tuesday, 8 August 2006, 05:57 GMT 06:57 UK
House price boom as market grows
terraced houses generic
The house price rise in Wales is 7.76% (April-June 2005/06).
House prices in Wales have risen faster than the UK generally, with the average price of a Welsh home reaching 149,063.

Last year, house buyers in Wales had to spend around 138,329 for a house.

The Land Registry figures, from April to June 2006, reveal the average house price in Merthyr Tydfil now tops 100,000, at 105,308.

Last year's price for the same time period was 82,144, meaning this year's price rise in Merthyr is 28%.

The latest report reveals most regions in England and Wales showed an increase in average prices from 2005-2006 (April to June) with Cardiff and Conwy showing the smallest increases at 2 %.

The average property price in England and Wales has increased to 199,184.

There were more sales for all property types throughout Wales this year, with 12,020 house sales in 2006 (April to June) compared to 10,074 for the same period in 2005.

David Newnes, managing director of Your Move website estate agents, said the most buoyant house-buying areas in England and Wales are in London and in the south east and south west of England.

He said: "The block is that there are not enough buyers putting their houses on the market. We have a lot of buyers but there is less property about."

Mr Newnes, who used to live in Wrexham, said some potential buyers are viewing property but are not confident enough to put their own on the market.

Growth areas

In Wales in 2006 the areas of Merthyr, Denbighshire, Blaenau Gwent and Pembrokeshire showed the biggest house price rises.

Nigel Favas, managing director of Reeds Rains estate agents, said his Abergele office has had a fantastic year.

"Prestatyn, Abergele and Rhyl have done extremely well - the further west you go out to Llandudno and Bangor it is a little quieter but still good," he said.

Mr Favas said recent boosts in the Welsh market indicated that Wales had been catching up with England.

He also said buyers with joint incomes or inheritances and lenders offering flexible terms had helped secure sales.

"People are also buying second homes here, perhaps in the past they would have gone abroad, but people are back to buying back in this country," he added.

A survey on the numbers of second homes in the UK, published on Tuesday, shows that Wales has about 40,000 holiday homes with the most popular areas in Pembrokeshire, Ceredigion and Powys.

According to the Direct Line UK Second Properties Index, 6% of the UK's second properties are in Wales - about 150,000 homes.




SEE ALSO
Valleys' house prices top table
08 Nov 05 |  South East Wales
Housing market 'getting stronger'
16 May 06 |  Business
Jump in number of property sales
09 May 06 |  Business
House prices up 3.5% on the year
08 Nov 05 |  Business

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