Housing growth continues in the region

Housing prices increased by up to 12% in the region in 2021

House prices have risen by up to 12% in 2021, although they are expected to moderate to around 3% in 2022, according to Michael Williams, a partner at Morris, Marshall and Poole with Aberystwyth-based Norman Lloyd.

‘We have seen record sales in Powys, Ceredigion, Shropshire and Gwynedd over the past year amid significant property price growth across the region,’ he said. “We expect moderate growth at around 3% in 2022, even with the Bank of England’s base rate increase to 0.25% in December.

“Demand from home buyers in the area has outstripped the supply of housing. However, after Christmas and the New Year, we have seen a gradual increase in the number of owners wishing to put their properties on the market.

“It’s been an encouraging start to the year. Many buyers are looking for larger properties, mainly because they are spending more time at home for work and leisure after the pandemic.

He added: “Our advice to anyone thinking of selling their home is to get an appraisal from their estate agent and put it on the market. Prices have gone up and the demand is there. Combine that with anticipated inflation and base rate hikes and now is the time to consider a move, either buying or selling.

According to the Guild of Property Professionals, of which Morris, Marshall and Poole with Norman Lloyd are members, around 1.3 million residential property transactions will take place in the UK in 2022/2023, eight per cent above the long-term average. term. .

This compares to a private housing stock turnover of around 3.5% in Powys and Ceredigion in 2021 and 4% to 4.49% in Shropshire over the same period.

The average rate of price change in Powys was 12%, with an average house price of £216,998 compared to Shropshire which saw a 16.9% increase and an average house price of £255,156. This equates to an average house price increase of between £21,600 and £22,700.

Demand for homes in towns ranging from Newtown and Welshpool to Aberystwyth and Machynlleth, Llanidloes and Rhayader and Oswestry continues to rise.

“Further changes are unlikely to be made to land transaction tax in Wales or stamp duty tax in England. And so those who have delayed selling their home should consider their options. now before the base rate increases,” Williams added.

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