House prices in Wales have shown an upward trend overall, with the exception of one county, according to the latest data released by Principality Building Society. The Wales House Price Index for the third quarter of 2024 indicates that while the average price of a home in Wales has slightly decreased to £232,430, there has been a significant increase in the number of transactions compared to the previous quarter.
The report, produced in partnership with Acadata, highlights that there were approximately 11,200 property transactions in Wales during the third quarter of 2024, marking an 18% increase from the second quarter and an 11% increase from the same period the previous year. This rise in activity suggests a positive shift in the property market, indicating a recovery in sales.
Shaun Middleton, the head of distribution at Principality Building Society, mentioned that despite the slight decrease in house prices in the third quarter, there is an overall positive outlook with a clear upward trend in sales. He emphasised that while house prices may be adjusting downwards, the increasing sales activity signals a steady recovery in the market.
The data further reveals the variations in house prices across the 22 counties in Wales, with some counties experiencing notable changes. Merthyr Tydfil has seen the highest increase in average house price at 9.5%, followed by Wrexham with a 5.3% increase. Conversely, the Vale of Glamorgan recorded the largest decline in average house price at 11.6%, with a 12.1% year-on-year decrease.
The Vale of Glamorgan, known for its countryside and heritage coastline, has been a popular choice for homebuyers, but the recent decline in house prices may be attributed to a previous uplift during the Covid-19 pandemic. On the other hand, Merthyr Tydfil’s significant increase in house prices signals a turnaround from previous declines, indicating a positive shift in the county’s property market.
Overall, the housing market in Wales is in a phase of gradual recovery, with fluctuations in prices across different regions and property types. Potential buyers are advised to stay informed about local market conditions to make informed decisions. Despite some counties experiencing price drops, the increase in sales activity suggests a positive outlook for the property market in Wales.
In conclusion, the latest house price data for Wales reflects a mix of trends across the counties, with overall signs of improvement in sales activity despite fluctuations in prices. As the market continues to recover, it’s essential for both buyers and sellers to stay informed and adapt to changing conditions in the property sector.