Property website Rightmove found the average asking price in Wales passed £186k during April, 7.6% higher than this time last month (the largest month on month increase in the UK) and 4% up year on year.
This has been driven by strong buyer demand, with the highest number of sales agreed across the UK at this time of year since 2007, before the credit crunch. While, as usual, the run-up to an election creates a degree of uncertainty and often a pause in activity, this strong set of figures should help mitigate any pre-election nerves.
First-time buyers have been particularly active, with average asking prices in this market up 6.5%, Rightmove said.
Miles Shipside, Rightmove Director and housing market analyst comments: “High buyer demand in most parts of the country has helped to propel the price of newly marketed property to record highs. There are signs of a strong spring market with the number of sales agreed achieved at this time of year being the highest since 2007.”
The results of Rightmove’s House Price Index very much echo Peter Alan’s current experience of the market. Across the Peter Alan network house prices are up 9% year on year, with sales up 6% compared to this time last year.
The number of new buyers entering the market is up, with 16% more applicants registering with Peter Alan than this period in 2016, and with the busy summer months still to come this figure is only expected to rise. However, the number of property stock remains flat on last year, which can be seen as a key contributor to the rise in prices.
Andrew Barry, Managing Director at Peter Alan, commented, “ We are finding that currently buyer demand is outweighing available stock and this lack of homes for sale is pushing asking prices, and causing properties to sell quickly.
We are noticing an increase in the number of first-time and returning buyers coming to the market and as such now really is the time for any would-be sellers to do the same and take advantage of this buoyant market.
It is, however, important for sellers to remember there are often hotspots in levels of activity and great variations in prices across Wales. This is why it is vital that each property on the market is always priced realistically and accurately to attract buyers, whilst achieving as much as possible for the vendor within a reasonable amount of time.
Prospective sellers should always ensure to take advantage of local high street agents who have years of experience in their communities and therefore can give a detailed, accurate appraisal. With Peter Alan our sellers can count on our knowledge of our areas, as all of our staff are all highly trained, experienced and local, with a wealth of knowledge of the towns we are based in.
If you are thinking of selling now is a great time to take advantage of the higher asking prices and the increase in waiting buyers that are looking for their new home.