House prices in Wales INCREASED the month after Brexit despite property market fears
09-16-2016
By Claire Miller , Joanne Ridout
But experts say it's still much too early to predict the overall impact of Brexit
House prices in Wales increased in July following the Brexit vote.
Despite concern about what the UK vote to leave the European Union would mean, Brexit appears to have had little impact on house prices in Wales, based on the latest figures from the Office for National Statistics.
Wales saw house prices increase by 4% over the last 12 months to stand at an average of £145,000, but in some areas of Wale prices actually sped up in July - a month after the referendum.
And this may come as even more of a surprise to many as, according to the HomeOwners Alliance, July is one of the quietest months of the year for selling homes as many buyers and sellers are on holiday or have child care issues that make viewing houses a challenge.
The most expensive property sold in Wales in July was a £915,000 five bedroom dream home in Michaelston y Fedw, Cardiff.
Media Wales
Where were the increases?
Among the places in Wales where house prices had a bigger year-on-year rise in July than June were Merthyr Tydfil, Neath Port Talbot, Swansea, Monmouthshire and Ceredigion.
But while houses in Cardiff were up 6.3% from the previous July, the Welsh capital had seen a slightly greater rise in June (6.5%).
Future Brexit predictions
Paula Higgins, CEO of the HomeOwners Alliance, says it is still too early to accurately predict how Brexit will impact houses prices in Wales and the UK as a whole.
She says: "From where things currently stand, there doesn’t look to be a lot of change and if there is, it may take time to filter through.
"Life does look to be a bit more comfortable if you’re a buyer than previously, especially with those impressive fixed rate mortgage deals out there at the moment.
"One thing is for sure, if you happen to have a house to buy or sell, there doesn’t seem any point in hanging around – unless you have a spare 2-3 years to see how things have worked out post-Brexit."