House Prices Are Rising At More Than 100 a day
1st June 2022
1st June 2022
The result of the Covid-19 pandemic on the Welsh housing market has been substantial, with every month data from financial companies, property portals and the Office for National Statistics (ONS) revealing a record high in the average house prices in Wales.
Widening to a UK perspective, the period during and post-pandemic even saw the rare event of a 'full house' not seen since 2007- when all regions of Great Britain and Northern Ireland saw a percentage increase. Find out more about that here.Property portal Rightmove has put this pandemic 'buying frenzy' down to potential buyers' fear of missing out in the current competitive market, which is said to be fuelled by rising activity from both buyers and sellers and the continuing shortage of available stock.
Rightmove states that the 2022 property market across the UK continues to set new milestones for price and activity levels. The property portal reported in April 2022 that the price of property coming to market hit a new record UK high for the third consecutive month from January to March 2022.
Described as a 'spring market frenzy', Rightmove stated that Wales was, once again, at the top of the regional list.
This statement that Wales, as a region, is still the hottest spot in the UK for increasing house prices has also continually been made by the Office for National Statistics (ONS).
Data released in May 2022 by the ONS covering the year March 2021 to March 2022 indicated that the average house price in Wales has increased by 11.7% to the record high of £206,395. Calculations by Wales Online using the price change between the average price in March 2021 to March 2022 has revealed the daily increase in the average house price in each Welsh county.
The daily house price increase calculated is for the county as a whole, obviously, there are areas within each county where the figure might be higher or lower than the increase stated, and in some areas within a county the average house price might even have fallen during the 12 month period to March 2022.
The average house price in Vale of Glamorgan rose by 24.3% in the year to March, according to latest figures from the Office for National Statistics. That was an increase from £251,871 to £313,180 in a year - meaning, on average, house prices have grown by £61,309, or the equivalent of £168 a day.
In Monmouthshire, prices are up £43,107, or an average of £118 a day. House prices in the area have seen a 14.4% rise in the year to March, going from £299,118 to £342,225.
There’s also been a 17.8% rise in house prices in Ceredigion, or a £37,274 increase over the year (£102 per day). The average home now costs £247,001, compared to £209,727 a year before.
This mid-Wales county experienced over the year to March 2022 a 15.6% increase in average house prices from £210,510 to £243,443, equivalent to an average rise of £90 per day, or £32,933 over the period.
This county has seen a £30,654 rise over the 12-month span of the data, from £170,219 to £200,873, which works out as a daily average rise of £84, 18% over the year.
Carmarthenshire's west Wales neighbour has a close daily average of £82, with the year-on-year average house price rising from £199,970 to £229,882, equating to a 15% increase of £29,912.
In this coastal county that includes Snowdonia National Park, the annual rise was £28,486 from £179,909 to £208,395, resulting in a daily average increase of £78, or 15.8% over the year.
Further along the north Wales coast from neighbour Gwynedd Conwy has seen a £24,205 average house price rise (13.3%) within the time frame stated from £182,080 to £206,285. This rise has produced a calculation of a £66 daily average rise.
First entry into the list for one of the south Wales valleys counties, Merthyr Tydfil recorded a daily average rise of homes in the area of £66, with the annual increase going from £121,343 to £145,269, an increase of 19.7%, £23,926 in monetary terms.
Hop over the waters of the Menai Strait to find a £65 daily average increase from £203,657 to £227,506 within the 12 month period stated. On an annual basis that is 11.7% and £23,849.
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In the county of Newport, prices are up £23,753, or an average of £65 a day. House prices in the area have seen a 11.7% rise in the year to March, going from £202,690 to £226,443.
The county of Wrexham has experienced during the 12 months that the data pertains to a 12.8% rise equating to £22,530 over the year, that's £62 per day average, with prices rising from £175,654 to £198,184.
The average house price in Neath Port Talbot rose by 16.4% in the year to March. That was an increase from £130,879 to £152,384 in a year - meaning, on average, house prices have grown by £21,505, or the equivalent of £59 a day.
Houses prices rose by £21,236 in the capital city according to the year-on-year ONS figures, that's a 9.3% rise from £227,722 to £248,958 that breaks down to a daily figure of £58.
If you were looking to secure a home in this county in the year to March 2022, every day you waited may have cost you £57 based on the 12.7% rise of the average house price from £164,179 to £185,046, with houses costing £20,867 more, on average at the end of the year than at the beginning.
In this county the average house price saw a rise of £20,743 over the year, meaning needing to find an extra 19.8% of your budget as the prices rose from an average of £104,879 to £125,622, equivalent to £57 per day.
House prices here rose by an average of £55 a day from £154,035 to £174,261, that's calculated as a £20,226 overall rise, or 13.1 per cent.
Pause for a day in Flintshire and it may have set you back another £53 during the year to March 2022, with the average house prices increasing from £183,970 to £203,354, a £19,384 increase.
This coastal city saw an 11.4% increase in average house prices across the year that spans the ONS data, with average house prices rising by an average of £52 a day from £166,612 to £185,560, a yearly increase of £18,948.
A 9.8% annual rise in average house prices from £173,699 to £190,691 in the county of Bridgend saw a £47 daily average increase that equates to £16,992 across the year.
Buying in this valleys county in the year being analysed and the daily rate was against you by an average of £41 rise per day, that's £14,808 over the year and an average increase of the average house price from £130,503 to £145,311, or 11.3 in percentage terms.
Last but definitely not least, as this county saw a £14,199 rise in average house prices from £179,024 to £193,223, that's 7.9% more budget to find by the end of the year to March 2022, or £39 per day in monetary terms.
Vale of Glamorgan: £168
Merthyr Tydfil: £66
Isle of Anglesey: £65
Neath Port Talbot: £59
Blaenau Gwent: £57
Rhondda Cynon Taf: £41
Property experts currently appear to be predicting a slight slowing down of the galloping monthly increases in house prices but that the continuing lack of supply of properties will keep the market buoyant.
Nathan Emerson, ceo of Propertymark, which represents estate agents, said: “The year-on-year increase shows there is still plenty of momentum within the housing market, however, we are now seeing some signs of things starting to cool.