Wales Enjoyed Highest House Price Growth In 2020
28th January 2021 posted in Property News Sellers Buyers
Not too many of us will be keen to look back on 2020 with any degree of fondness. However, if we are looking to move forward in 2021, it is important to know what happened, and how we can make progress.
At Hunters Bridgend, we focus on the property market. We speak with many landlords and vendors across the local area, and we are pleased to see we have helped many people achieve success in recent times. If you are looking to make a move in 2021, you need to make an informed decision.
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We also stay in touch with the latest news and information from leading industry sources. When the biggest and most commonly used property portals speak about the housing market, we listen. We also make sure you find out what they are saying.
Welsh property is in high demand
Many people will be interested to know that according to Zoopla, the growth in house prices was higher for Wales than it was for any other part of the United Kingdom.
Many factors influenced buyer decisions in 2020, but the need for space was critical for many buyers. This is one of the reasons why demand for homes in Wales increased. There was a rise of over 5% for house prices in Wales, while the average across the UK was 4.3%.
Zoopla’s House Price Index said; “Demand for family housing with gardens, parking and extra space to work from home has continued to rise.” It should also be noted Zoopla expects this trend to continue in 2021.
Zoopla also said; “The ‘once in a lifetime reassessment of housing’ kick-started by the pandemic has further to run in our view. As households look to the future, and with no immediate end in sight to restrictions, a proportion will continue to re-assess their housing priorities.”
Are flats in less demand these days?
An interesting part of the findings comes with the growth in price for flats in Wales was lower, and this was ranked third in the UK, with a growth of 2.5%.
This ties in with the overall view of the housing market in 2020. The demand for flats, traditionally seen as smaller homes and with restricted access to gardens, has fallen. Over time, this is likely to change, and of course, people’s budget and personal circumstances might mean a flat is better for them than other forms of property.
However, with lockdown restrictions likely to be common, at least in the first quarter of 2021, many people will be looking for a larger home. Therefore, this buying trend is likely to continue in the housing market throughout the year.
At Hunters Bridgend, we are proud to play a part in supporting a thriving and friendly local community. If you would like information or guidance on how we can assist you, or you just want to stay in touch with the latest housing industry news, please contact us today.