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House prices in Carmarthenshire rise at the highest rate across west Wales

HOUSE prices in Carmarthenshire have risen by 17.5% annually in the second quarter of 2022 (April-June) to reach a new peak price of £228,609.

The figures have been released from Principality Building Society’s Wales House Price Index for Q2 2022, which demonstrates the rise and fall in house prices in each of the 22 local authorities in Wales.

Carmarthenshire’s double digit percentage rise annually was the second highest across the whole of Wales, after Blaenau Gwent, and coupled with a strong quarterly rise of 4.7%. Ceredigion also experienced a new peak price in Q2 of £274,967 reflected in a 12.3% annual increase and 4.4% quarterly rise.

While Pembrokeshire also recorded a strong 9.9% annual increase in Q2 to £248,172, it saw a slight dip across the quarter by 2.2%.

Shaun Middleton, Head of Distribution at Principality Building Society, said: “Against the backdrop of significant cost of living pressures, with food, fuel and energy prices continuing to spiral, higher interest rates anticipated from the Bank of England, and the collapse in confidence levels across companies and households, there is a growing expectation that the wider economy will enter recession over the coming quarters. Across the UK, these cost-of living pressures have begun feeding through into lenders’ affordability calculations, whilst higher mortgage rates might affect the ability and willingness of households to borrow.

“Such changes appear modest for now, but they are cumulative in nature, and their eventual impact will be influenced by the ultimate extent of rate increases, the resilience of the jobs market and the ability of households to increase income. The housing market in Wales starts from a strong position, as prices have been steadily rising post-Covid restrictions but is not immune to these macro-economic challenges, and the likelihood is that housing demand and property price inflation will ease over the coming quarters.”

Wales continues to experience some of the strongest property price increases across the UK as the average price of a property rose to more than £240,000 for the first time. The new peak average price of £240,635 in Wales reflects an 11.5% annual increase and a 3.1% quarterly increase.

Half of local authorities reported double digit percentage price increases in Q2, with nine areas also recording new peaks. Blaenau Gwent and the Vale of Glamorgan join Carmarthenshire in reporting annual price increases of more than 15%.

Principality’s Wales House Price Index estimates there were as many as 11,900 transactions in Wales in Q2, 9% higher than in Q1 and well above corresponding levels in 2019, pre-Covid. In the second quarter of 2022, sales of detached homes are down nearly a fifth (19%) while sales of flats are up 14%.

For more information go to: http://www.principality.co.uk/mortgages/house-price-index

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