Buyer Appetite Prevails

Key Statistics

The housing market to date in 2022 has proved immune to the wider economic issues that are making the daily headlines. The market is busy and the desire to move remains on the agenda for many. However, the question being asked now is when, not if, the market will start to calm after the latest interest rate increase to 1%.

The Wales Premium Market

Demand in the market remains high, a survey for Nationwide indicating that over 25% of those in the region were currently in the process of moving or were considering doing so. While new instructions to the market have risen marginally, they have failed to keep pace with buyer appetite. Rightmove report there are twice as many buyers as properties for sale in the market, with all regions seeing the amount of stock-to-purchase running low. Year-on-year, 6.7% fewer properties were available to sell across Wales in the first quarter. There was less than two months’ of stock left to sell, compared to a historical norm of around four months (TwentyCi).

Prices Remain Firm

Despite the wider economic challenges, the scarcity of properties to purchase has meant that competition has been high and this has acted to sustain prices for sellers in the market. More than half of properties are currently selling at or above initial asking price, with properties sold subject to contract (SSTC) in record times. At 32 days, the average time taken to sell a property (SSTC) in Wales during March is the quickest on record (Rightmove). Month-on-month and year-on-year, prices remain on an upward trajectory. For only the second time ever recorded, asking prices across all regions and all sectors of the market rose in March, although the rate of monthly price increase is slowing (Rightmove, UK HPI). The latest data from the UK House Price Index indicates annual property price growth in Wales is 14.2%. Although the rate of annual growth across the region’s prime markets has calmed to 6.9%, this is against the backdrop of significant rises over the past year.  

In Wales and Scotland, Zoopla estimate price inflation over the past two years has pushed 360,000 homes across the stamp duty threshold. In Wales, the Land Transaction Tax threshold is £180,000.

Click here to read the full F&C Summer Housing Market Report: Wales

Properties for sale in Wales

Kilgetty, Pembrokeshire, 4 bedrooms

With a stunning 3 acres and glorious open views to the rear, this modern, uniquely styled four-bedroom detached family home has an individual charm all of its own. The double height hallway allows natural light to stream through and invites you through the hallway into a sumptuous sitting room with clever glass design inviting the outside in. The modern ‘entertaining dream’ dining kitchen has storage galore with central island, large gas hob and double ovens, fantastic pantry and utility rooms off make it a real treat for socialising in this space.

Rockfield, Monmouthshire, 6 bedrooms

This elegant, beautifully presented, six-bedroom detached period home benefits from a peaceful and picturesque setting, overlooking the rolling Monmouthshire countryside and the Wye Valley Area of Outstanding Natural Beauty. Set in approximately 3.5 acres of grounds, with plenty of entertaining space, a converted barn providing home office potential and stables tastefully converted into separate one-bed accommodation, it's in an outstanding location. Its grounds are immediately surrounded by award-winning organic and biodynamic vineyards, with an outdoor heated swimming pool set in a carefully curated, sheltered, walled Mediterranean garden all giving a real feeling of escapism. 

Welshpool, Powys, 8 bedrooms

A particularly attractive country residence, with a handsome Georgian façade, which has been vastly updated and improved by the current owners to provide immaculately presented accommodation, nestled within glorious Mid-Wales countryside. This elegant period home has been remodelled over recent years and includes light, spacious rooms with a total of six bedrooms, five with ensuite facilities, a selection of well-proportioned reception rooms and an extensive cellar.

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