The housing market in Wales has experienced a tumultuous year, with prices fluctuating significantly according to the latest data released by the Land Register. Pinerock Finance, an expert in the field of finance analysis, has conducted a thorough analysis of the data and uncovered some interesting trends and patterns.
One of the most notable observations is the changes in the average residential house prices between December and January. In Wales, the average price in January was £200,750, compared to December's average of £200,000, indicating a small increase of 0.38%. However, this is a significant increase from 12 months ago, when the average price was £180,000, representing a difference of 10.3%.
Further analysis of the different property types in Wales showed a mixed bag of results. Detached properties saw a significant increase, rising from £325,000 to £346,500, while semi-detached properties rose from £210,000 to £226,000. In contrast, terraced properties experienced a drop in price from £150,000 to £144,250, and flats increased slightly from £134,000 to £150,000.
When compared to England and Wales, the average residential house price in January was £275,275, compared to December's average of £280,000, representing a decline of -1.69%. Additionally, the current average price reflects a decrease of -5.3% from September's recent high of £290,000.
Turning to specific areas in Wales, Cardiff's average residential house price in January was £235,000, down from December's average of £271,500, a decrease of -13.44%. The current price also represents a drop of -15.5% from December's recent high of £271,500. However, the average price 12 months ago was £235,000, which remains unchanged.
In Swansea, the average residential house price in January was £150,000, compared to December's average of £174,250, a decrease of -13.92%. Compared to May's recent high of £190,000, the current price represents a more significant decline of -26.7%. The average price 12 months ago was £160,000, indicating a decrease of -6.7%.
On the other hand, Bridgend saw an increase in average residential house prices from £200,500 in December to £225,000 in January, representing a significant increase of 12.22%. This is also a considerable difference from the average price 12 months ago, which was £192,475, representing an increase of 14.5%.
Finally, Pontypridd's average residential house price in January was £150,000, compared to December's average of £177,000, representing a decrease of -15.25%. Compared to October's recent high of £186,000, the current price represents a more significant drop of -24%. The average price 12 months ago was £145,000, indicating an increase of 3.3%.
Overall, these statistics reveal a mixed picture of the Welsh housing market, with some areas experiencing significant price increases, while others saw substantial declines. However, the data is still subject to change, and it remains to be seen how the market will fare in the months to come.