Property Prices: February 2022
Property prices in Wales have jumped in February as buyers scramble to take advantage of the rapidly growing market. Here is our roundup of what is happening in the UK and Welsh housing markets.
In the UK as a whole the price of properties coming to market in February have risen by over £7,785 or 2.3%. This brings the average price of properties on the market to a record £348,804 which is the biggest jump in prices recorded in over 20 years. The year on year increase in property prices has been calculated to be 9.5% which is the highest annual increase since 2014. According to Rightmove there are 16% more people looking to buy than this time last year. However, the number of new properties listed for sale has only increased by 11% which explains the large increase in price. There has also been an 11% increase in the number of people requesting home valuations from estate agents. An important takeaway from this report is that demand will continue to outstrip supply in the short to medium term.
The property market in Wales has also seen a good month regarding property prices. Prices rose faster than national levels with 3.2% monthly increase recorded on properties. This trend was also seen in the year on year stats which showed a 12.2% increase. The average property price in Wales has risen to £238,000. Additionally, the time it takes for a property sale to close is now only 46 days, as opposed to 62 days average last month according to the house price index, showing how fast the market is moving at the moment.
“The figures continue to show the impact of the shortage of supply created by a reduction of new build completions and fewer people staying put as a result of uncertainty caused by the pandemic. We are starting to see more properties being brought to the market as confidence returned but the recent events in the Ukraine may result in fewer people looking to move until this situation has calmed.”
In summary both the national property market and the Welsh property market is going from strength to strength in February. Based on current market trends property prices will continue to rise rapidly through the next couple of months. If you think that now is the time for you to get your house valued and on the market, feel free to contact us here. Request a property valuation today!