At Hunters Bridgend, we stay in touch with the local market, the national market, and the UK housing market.
It is worth noting that the average property price across Wales is increasing. The Q3 2020 of the Wales House Price index indicates a growth in sales prices of 2.2% across the quarter. This left the average price in the country standing at £196,165.
Bridgend prices are rising
Six local authorities in Wales reached a new record average house price, and we are pleased to say Bridgend was one of these areas. The list of six authorities and their new record average price is as follows:
- Bridgend, at £190,948
- Cardiff, at £247,030
- Carmarthenshire, at £172,708
- Gwynedd, at £198,279
- Newport, at £213,660
- Powys, at £222,992
The affordable nature of property in Bridgend is seen in this listing, and if you are looking for guidance on how to buy property in and around Bridgend, we are here to help.
There are affordable property options in Wales
Mike Jones is the chief risk officer at Principality Building Society, and he said: “Although it might appear to be somewhat implausible to be reporting rising prices in the middle of a pandemic, we believe this reflects the increase in demand following the Q2 lockdown. It is also potentially the desire for a lifestyle change for some who during lockdown have realised that it is possible to work from home, avoiding the necessity to travel to work on a daily basis.”
Mike continued by saying; “The demand for larger homes with additional space, including outdoor areas, has consequently risen however, and with little new supply coming to the market, prices also rose rapidly. In terms of outlook for the market, the extension of the furlough scheme and mortgage payment deferral scheme could, in the short term, help offset the impact of weakening economic performance. However, many experts continue to forecast a rise in unemployment during the coming months and that will inevitably impact consumer confidence and the housing market.”
There is no denying the temporary changes to the Land Transaction Tax (LTT) has impacted buyer demand and activity in the property market. The threshold has been shifted from £180,000 to £250,000 until the 31st of March of 2021. This can lower the cost of buying a home by thousands, and it is easy to see why so many people have responded favourably to this cut.
Mike Jones also said; “Given the relatively low savings that can be obtained on the LTT duty in Wales, we do not consider the impact of the temporary rate will be as significant as it appears to be in England’s housing market. The temporary LTT holiday in Wales does not apply to second homes or buy-to-let properties, where an additional rate of three per cent remains payable.”
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.