Astleys Chartered Surveyors are one of the leading independent chartered surveying firms with extensive knowledge of the South and West Wales property market.
Total Number of Valuations Undertaken 1,245
Total Asset Value £268.75 Million
Number of Counties Covered 14
As can be seen from the statistics collated above Swansea continues to be our strongest area with approximately 22% of valuations undertaken in this county, followed closely by Caerphilly (19%) then Pembrokeshire (12%) and Neath Port Talbot (11%).
If we break this down further into each sector, again Swansea still remains on top from both a residential and commercial perspective but we note that Cardiff is our second busiest area in respect of commercial valuations undertaken at 15%.
When analysing the residential property market in more detail we note the following average house prices based on the valuations undertaken for 2019. We have also compared each county with statistics collated nationally from HM Land Registry.
*Source: HM Land Registry UK House Price Index Wales (April 2019)
It is evident from the table above that house prices in Wales grew by 6.7% in the year to April 2019, up from 3.9%. This strengthening in the annual growth rate for Wales is due to both strong growth between March and April 2019 (2.4%) and falling prices (0.3%) between March and April 2018. Falling prices between March and April 2018 may have been linked to the Land Transaction Tax (LTT) replacing UK Stamp Duty Land Tax in Wales (SDLT) from April 2018.
We further advise that the residential property market has remained relatively static over the past few years but the recent landslide victory by the Conservative Government could mean there will be more stability in the housing market, at least in the short term, with home owners set to benefit from the result. Brexit as well as the political uncertainty around it in the UK have been driving prices down with potential buyers and sellers waiting for the situation to become clearer. This was certainly evident towards the end of last year as we started to see a slight increase in valuation instructions for Q4 2019. However, it is difficult to determine whether the recent unprecedented events in respect of the COVID-19 pandemic will have a significant impact on the local property market, until we review these statistics towards the end of Q4 2020. It is clearly evident that the coronavirus outbreak has certainly put a drastic stop to the local property market but only time will determine whether confidence and indeed values have also been affected in the long term.