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The Masked Tulip

House Prices In Wales Among The Greatest Gains In Last Ten Years

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This is in my local rag today. It is the Halifax figures of a few days ago but I can only imagine what most locals will now think having read this. My house is worth loads and loads.

http://www.thisissouthwales.co.uk/news/Wales-leading-way-home-prices-10-years/article-3165946-detail/article.html

HOUSE selling might not seem like the best business to be in at the moment — as a home owner or an estate agent.

But if you bought your home around a decade ago, you might like to know that Wales has seen some of the biggest price increases in the country in that time.

Research by high street bank Halifax suggests Wales is one of the six UK regions to have seen the biggest house price gains since 2000, at 108 per cent — behind the north of England with 130 per cent, and Yorkshire and the Humber at 125 per cent. And latest figures from the Land Registry, which put the average cost of a typical home in England and Wales at £163,814, suggest Wales also experienced a 0.5 per cent increase in the average cost of a home during 2010.

But the figures do follow a run of gloomy property data and many experts predict the housing market will remain relatively flat during 2011.

But hang on for a moment - then there is this.

HOUSE selling might not seem like the best business to be in at the moment — as a home owner or an estate agent.

But if you bought your home around a decade ago, you might like to know that Wales has seen some of the biggest price increases in the country in that time.

Research by high street bank Halifax suggests Wales is one of the six UK regions to have seen the biggest house price gains since 2000, at 108 per cent — behind the north of England with 130 per cent, and Yorkshire and the Humber at 125 per cent. And latest figures from the Land Registry, which put the average cost of a typical home in England and Wales at £163,814, suggest Wales also experienced a 0.5 per cent increase in the average cost of a home during 2010.

But the figures do follow a run of gloomy property data and many experts predict the housing market will remain relatively flat during 2011.

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Chris Hope, senior partner with Swansea estate agent Dawsons, said: "There has been a huge change in the market over the past ten years, and it is going to be very challenging for prices to rise, when you set it against the economic background and public sector cuts.

"People are still moving, but mostly it is people who need a bigger property, perhaps they have just got married or are having a child. The rest are staying put, they are not moving just for the sake of it.

"It is particularly the case in Swansea. Research by Property Academy suggests Wales is very traditional in buying and selling — people do it if they have to, because of lifestyle requirements, rather than a wish to do so."

Adding to the caution, the British Bankers' Association last week said net mortgage lending by the major banks had fallen to an 11-and-a-half-year low, while the number of mortgages approved for house purchase also fell to a near-two-year low.

Howard Archer, chief UK and European economist at IHS Global Insight, said: "Evidence is coming thick and fast at the moment that housing activity remains in the doldrums. We maintain the view that house prices will fall by around 10 per cent from their peak 2010 levels by the end of 2011."

Paul Diggle, property economist at Capital Economics, said: "The latest data from the Land Registry are further evidence of the anaemic state of the housing market.

"Rising unemployment and tight credit conditions are likely to mean that transaction levels remain low and house prices continue to fall."

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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