Figures show significant fall in Gwent house prices since start of pandemic
04-19-2020
South Wales Argus
17th April
Figures show significant fall in Gwent house prices since start of pandemic
By Jonathon Hill @jonathon_hill96 Trainee Reporter
Figures show significant fall in Gwent house prices since start of pandemic
AVERAGE house prices have fallen across Gwent since the coronavirus pandemic hit the region, figures from the Principality Building Society's Wales House Price Index have shown.
The report shows the region had enjoyed a "robust" housing market in the months leading up to the outbreak - which Principality has said may account for the decline in prices.
South Wales Argus:
Stats show annual growth and decline across Wales. Picture: Principality Building Society
Newport
House prices have dropped to an average of £199,977, down 1.1 per cent - or £2,212 - on the year.
This is higher than the average house price in Wales, which is £193,286 - up 3.3 per cent based on this time last year.
Torfaen
While house prices have risen by 0.7 per cent since this time last year, over the past quarter they have dropped by 3.8 per cent.
This means the average annual house price in Torfaen sits at £174,239.
Blaenau Gwent
The average annual house price in Blaenau Gwent is £108,909. This has declined by 1.4 per cent in the last quarter and 0.7 per cent annually.
Monmouthshire
If you want to purchase a home in Monmouthshire you would generally have to stump up £304,586.
The average prices have not declined, instead rising by 3.4 per cent in the last quarter, and 5.8 per cent annually.
Caerphilly
Prices in Caerphilly have also risen by 3.2 per cent over the last quarter, and 4.6 per cent annually.
This means the average house price in the area is £158,655.
Tom Denman, chief financial officer at the Principality Building Society, said: “Although they feel largely irrelevant now, the figures give us a snapshot of the economy and housing market before the Covid-19 pandemic.
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“In the opening months of 2020 the housing market had been steadily gathering momentum. It is evident that price growth was edging up in Wales thanks to a bounce in confidence following the general election, high employment rates, plus low interest rates but transactions were down year on year.
“In the short term it is difficult to say what will happen as there will be a limited number of sales, if any.
"Most sellers and buyers will remain in homes and closure of estate agencies given the social distancing restrictions, will reduce housing transactions.
"The mortgage market is in partial lockdown, and it is hoped the government’s economic package to soften the blow of the pandemic crisis will allow the housing market to come out the other side and operate as normal once the crisis has lifted.”
For more information on house price changes in Wales visit: www.principality.co.uk/mortgages/house-price-index