Average House Prices Rise In Wales

Newly released figures from Principality Building Society have shown that Wales continues to buck the trend seen across England as the average house price has climbed to reach a record peak of £191,006 over the last three months.

The data from Principality demonstrates the rise and fall in house prices across each of the 22 local authorities in Wales.

According to to the research, house prices have risen in Wales by just over 2% both quarterly and annually, but the average house price remains approximately 40% lower than in England, where the average price is £305,000.

Six local authorities established new peak prices in Q3 – Bridgend (£175,144), Carmarthenshire (£166,769), Cardiff (£239,788), Newport (£202,947), Pembrokeshire (£207,561) and the Vale of Glamorgan (£277,735).

Figures from Principality also show house prices have risen in coastal areas associated with holiday homes and holiday lets. For instance, the annual growth rate in Pembrokeshire is currently 9.6% – the second highest growth rate in Wales. Similarly, Conwy has a growth rate of 7.1% – the fourth highest in Wales – with coastal property hotspots of Abergele, Llandudno and Colwyn Bay.

In terms of housing sales when comparing Q3 2019 and Q3 2018, the number of sales increased by 5.6% in Wales. The figures show that the largest increase in sales in Q3 2019 compared to Q3 2018 was within terraced properties, up by 13.5% over the year, followed by semi-detached properties, up by 8.0%. Detached properties have seen a minor sales increase of 0.4% across the year, while flats have seen a decrease in sales of 15%.

Tom Denman, Chief Financial Officer at Principality Building Society said: “First time buyers, holiday lets and people seemingly not allowing the shadow of Brexit to deter them, means average house prices in Wales continue to buck the trend seen in regions across England. It also seems home movers are continuing to buy higher value properties and overall house sales are up compared to the same quarter in 2018.

The growth in average house prices is underpinned by historically low interest rates, a shortage of housing supply and relatively high employment. It will be interesting to see if this upward trend continues for the rest of the year as Brexit negotiations reach a critical stage.”

Projects Update: Mar 15th

Our latest developments project update for March 15th 2019 is now available to download in PDF format.

Simply click here to download the latest information pack on Oaking Developments ongoing projects.

Projects Update: Feb 1st

Our latest developments project update for February 1st 2019 is now available to download in PDF format.

Simply click here to download the latest information pack on Oaking Developments ongoing projects.

Cedar Court: August 2018 Update

The latest external photos from our drone reveals some fabulous images at Cedar Court as works continue to take place.  You will see Block 2 is now almost completed, and Block 1 has progressed very well indeed.

The scaffolding will be down on block 1 over the next 2 weeks, and the internal works shall be completed over the next 2 months. Notice to complete will be early September on Block 2, and late October on Block 1.

For more details or if you have any enquiries call our team today on 01492 338 228.

College Avenue: August 2018 Update

Progress continues well at our College Avenue Development in Rhos on Sea. For our latest drone images take a look belowat the ongoing works – for further images/news and for any enquiries on the project you can contact the Oaking Developments team direct on 01492 338 228 and remember to check back on site where we’ll have a further update in 6-8 weeks.

Oaking To Create Jobs for North Wales Region

The Daily Post ran a fabulous article on Oaking Developments yesterday with their headline ‘Homes Developer Targeting Region To Create 100 Jobs.’ The North Wales newspaper interviewed Director Alan Forsyth who said “It (North Wales) is very much our base and our home. We will invest around £12m this year in the region. The demand is there and we are catering for the market here”.

My Forsyth also went on to mention “We plan to keep investing in North Wales, we have recently brought a site in Rhos and we are looking at sites in Abergele and Llandulas” He said “I am from North East Scotland and in many ways this area is similar. The costline is fantastic and there are so many wonderful beaches”.

The full article is below (click on the image to expand)…

Positive News on Property in Wales

Business News Wales has provided the latest positive update on Welsh Property with house prices in Wales predicted to rise by 10.4% by 2022.

The predictions have been made by Global property consultants JLL who suggest a moderate rise in property prices across the UK leading towards a more stable market.

The full article is below and can also be read here

House prices in Wales are expected to rise by 10.4% over the next five years, according to predictions by global property consultants JLL.

That’s higher than prime central London where prices are predicted to grow by 8.7% between 2018 and 2022.

Whilst nationally a range of factors will deliver more moderate house price growth across the UK and lead to a more stable market, Wales – and South Wales in particular – shows little sign of slowing.

The latest RICS (Royal Institution of Chartered Surveyors) Residential Market Survey states Wales has seen the most positive price growth reported by its members, followed by Northern Ireland, the North West and the Midlands. 50% more RICS members reported having seen price increases in Wales compared with a wide majority of members in London reporting prices in their region to falling.

There are a range of factors for this positive outlook, not least the announcement that the Severn Bridge tolls will be scrapped by the end of 2018, opening up residential markets in South and South-East Wales to a host of commuters working in Bristol and the South West. Other major schemes include the electrification of the South Wales rail line which will improve links with London Paddington and the South Wales Metro scheme aiming to improve transport links across the Cardiff capital region.

This is complemented by a broadening commuter belt, agreement of Local Development Plans and the growth of agile working, with more and more people working remotely from multiple locations and from their homes.

Matthew Wright, associate director in JLL’s Cardiff office said:

“There has been a general undersupply of residential property in key Welsh conurbations for a number of years. This has started to be addressed with a number of large residential projects either mooted or already underway along key commuter links such as the M4 motorway and the A48.

“Only last month, the Severn Growth Summit mapped out opportunities for greater collaboration and investment, creating a ‘western powerhouse’ for Cardiff, Newport and Bristol similar to that seen in the North West.

“Almost a decade worth of pent up demand for development – both residential and commercial – has finally begun to find an outlet in the various major schemes now underway. As the region’s national and international connections continue to grow we anticipate this having a positive impact in terms of residential property values.”

But with these positive predictions comes a note of caution. Matthew Wright added:

“The residential market continues to be heavily influenced by changing Welsh Government policy across planning, construction and taxation; indeed, more so than any other sector of the property market. Measures such as the ‘Help to Buy’ scheme have bolstered demand however the devolution of minor taxes to Wales has brought changes to stamp duty and, potentially, a new tax on vacant land.”

Welsh Government recently announced that from April 2018, the existing Stamp Duty Land Tax will be replaced in Wales by a Land Transaction Tax, which introduces new price thresholds for residential sales.  The new regime is aiming for purchasers of houses up to £400,000 to pay the same or less than under the current scheme, with properties above this level incurring higher tax.

Welsh Government has announced its intention to introduce a tax on vacant land, similar to the Republic of Ireland model, to ‘… prevent the practice of land banking and land not being developed within the expected timescales’. Little detail has been provided as to how this will operate and how penalising the under-use of land will improve the viability of marginal sites.

Download JLL’s report here

Fernbank: January 2018 Update

Bathrooms are all in at the Llanfairfechan development in Conwy. This has been a hugely popular development, with families in particular liking the 3 bed houses.

Customer Service Manager Josh Woolley says, “With the great transport links and the excellent prices as well as the Help to Buy Option here, it is no surprise to see such demand for these properties”.

Contact josh at josh@oakingdevelopments.com to discuss latest availability.

Cedar Court: November 2017 Update

Our latest site visit carried out last week yielded some spectacular images from the Oak Drive Development.

Although the site is not yet ready for viewings, the shape and position of the rooms are now visible.

Block one is expected to reach first floor by Christmas and Block two will be having the roof installed at the same time, with windows expected in January.

We will estimate for onward marketing to commence by Spring 2018.

If you have any queries, please contact Oaking Developments on 01492 338 228.

To download our latest update via printable PDF pack please click here

Fernbank: November 2017 Update

Our latest site visit carried out last week yielded some spectacular images from the Fernbank Development.

We would advise for anyone still pending a mortgage to arrange a valuation as soon as possible.

Now that the development is nearing completion, site access is now easier, however any access must be confirmed with Oaking at least 24 hours prior to the confirmed visit.

Any access for surveys can be arranged by contacting Oaking Developments on 01492 338 228.

 

To download our latest update via printable PDF pack please click here