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News February 28, 2021

Demand for good quality homes continues in Mid Wales and Shropshire

Despite the coronavirus pandemic the property market in Mid Wales and Shropshire has boomed over the past 12 months, a new regional market report reveals.


Demand for good quality homes or property for renovation or conversion is at a four-year high, providing house-sellers with a good opportunity, according to The Property Market Report, produced by the Guild of Property Professionals.


Open the report here


House prices throughout the region have risen between 3% and over 7.5% and demand for larger residential properties with plenty of outdoor space is top of the agenda for many house buyers.


Properties offering a work-life balance


According to Andrew Turner, a Partner at estate agents Morris, Marshall and Poole with Norman Lloyd, this, in principle, is down to more people working from home and wanting to space to separate work and family life.


The latest regional market report said “The desire to move remains on the agenda for many as the housing market proved one of the bright sparks of the economy during 2020.”


House price growth


Powys – 4.5% to 5.9%

Shropshire – 7.5% and more

Ceredigion – 6.0% to 7.4%

Gwynedd – 3.0% to 4.4%

Herefordshire – 7.5% and more


New mortgages opportunities expected for lower deposits


News that 95 per cent mortgages could return in April will provide more opportunities for first-time buyers and those looking to move but don’t have the necessary deposit or equity in their current home.


The market report states: “2020, a year in which the housing market defied expectations. At 7.6%, annual price growth across the UK is at its strongest since the summer of 2016.


“Over 129,000 homes are believed to have changed hands in December, 32% more than in December 2019 with sales for the year projected to be just 11% lower than in 2019 (HMRC).


“The mortgage market has recovered. Approvals in 2020 were up 3.7% on the previous year (Bank of England) and with an estimated 9–10% more sales agreed in 2020 than in 2019, the start of 2021 has been positive.”


Key points in the latest Mid Wales and Shropshire property market report are:


House prices up 7.6% on average

Property sales up 31.5%

Mortgage approvals up 3.7%

Gross mortgage lending up 6.8%


“There is hope that a semblance of normality will return during 2021 as the vaccination programme continues apace and lockdown restrictions are gradually lifted. The housing market remains active and with lifestyle change the reason for a move for many, this should ensure continued activity throughout the year,” said Iain McKenzie, CEO of the Guild.

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