Property price update: April 2022
Property prices in Wales, and the UK as a whole, have seen another strong month of growth in April with buying and selling increasing despite economic headwinds. Here is our round-up of what’s been happening in the property market this month.
The price of new properties coming to market in the UK as a whole has reached a record high for the third consecutive month. Compared to last month, prices are up 1.6% (+ £5,537) with the average house price now standing at £360,101. Additionally, the price jump of £19,000 seen over the past three months has been the strongest quarterly increase since records began. According to Rightmove, properties are being sold twice as fast as in the more normal pre-pandemic market of 2019. While the increase in property prices in the UK might slow down in the coming months, due to a continuing high demand for limited housing stocks, no sustained price falls are expected.
Property price growth in Wales has again outperformed the UK market as a whole. The average property price rose by 2.7% (£6,644) and now stands at £252,736. This trend was again seen in the year on year property price increase which now stands at 14.5% which is an increase from the 12.2% in February. The largest increase however, has been seen in how fast properties are being sold in Wales. Now, the average sale takes 32 days to complete which is 14 days faster than at the start of the year and really indicative of a seller’s market.
Here is what our Senior Sales Valuor Levi St John had to say about Aprils property market:
“The upward trend of property prices in April has been primarily fuelled by a strong demand for properties. The buying competition for “fresh” stock is immense, with many buyers willing to go over asking price in order to secure their dream homes.”
In conclusion, April has seen exceptional growth in property prices despite the cost of living crisis starting to bite. In both UK and Welsh housing markets, the growth in prices is expected to slow in the coming months but no sustained drop in prices are predicted. If you believe that now is the best time for you to get your house valued and on the market please get in touch with us here for a free valuation.