HOUSE prices in Carmarthenshire have risen by 8% in the fourth quarter of 2024 to an average of £227,702.
The figures have been released from Principality Building Society’s Wales House Price Index for Q4 2024 (October – December), which demonstrates the rise and fall in house prices in each of the 22 local authorities in Wales.
Carmarthenshire had the highest house price rise annually and quarterly out of all 22 local authorities – with a 9% percent annual rise from the 2023 December price of £208,460 and an 8% rise from last quarter’s average price of £210,824.
Across Wales, the average price of a home sold in Wales increased slightly to £233,200 in the final quarter of 2024, remaining approximately at the same level as it started in the first quarter.
Overall, Principality Building Society research, based on HM Land Registry data, can reveal there are less price declines in regional areas than a year ago, for the past three quarters of the year, offering some stability for buyers and sellers in a changing market.
Speaking about the Q4 House Price Index, Iain Mansfield, Chief Financial Officer at Principality Building Society, said: “The housing market in Wales has demonstrated resilience against a challenging environment throughout 2024, with Principality’s House Price Index showing clear signs of renewed confidence.
“The steady growth in transactions highlights strong demand for housing underpinned by the ongoing challenge of limited supply, which continues to shape the market landscape.
He continued: “A more stable housing market is welcome news for buyers and speaks to the strong demand for housing, driven by buyers looking to enter or move within the market, despite the challenging landscape of the last few years.
“This demand is evident in the approximately 12,800 transactions that were recorded in Wales in the fourth quarter, which represents an 18% increase when compared to the third quarter. It is also a 28% rise year-on-year – the highest level observed since late 2021. This reflects the continued recovery in transactions that began in the second quarter and indicates that despite continued cost-of-living pressures, and the elevated rate environment, demand continues to grow.
“Low supply of housing is a real challenge for buyers and there is also more that can be done to support buyers when it comes to the matter of affordability- especially for those hoping to get onto the housing ladder for the first time.
“Principality conducted a recent survey which revealed that 75% of our Member respondents say that house prices in the UK are ‘too high’, and a further 74% of respondents agreeing it is ‘much harder’ for young people to get on the housing ladder.
“Looking ahead, the UK Government have stated they are committed to extensive planning reforms in order to restore local housing targets – with a particular focus on increasing social and affordable housing.
“This, coupled with the additional help for first time buyers in Wales, where housing matters are devolved, announced at the recent Welsh Government Budget, signals a positive future outlook.
“There is undoubtedly more to be done to ease affordability, and as a leading funder that works with the majority of housing associations in Wales, Principality has a vested interest in being part of the solution.”
Principality Building Society, a mutual organisation which is owned by Members, and not shareholders, aims to support and build a society of savers where everyone has a place to call home. For more information, click here.
