Book a Property Valuation
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.

Buying and selling your home over Christmas

Found your perfect home but want to make it better?

Ten ‘Rent to Own’ homes near completion in Presteigne

Gas Safety Week - Have you had your gas boiler serviced?

Contact Us

Aberystwyth 01970 625020
Llanidloes 01686 412567
Associated London Office 0203 368 3986
Machynlleth 01654 702472
Newtown 01686 626160
Oswestry 01691 679595
Rhayader 01597 739994
Tywyn 01654 710388
Welshpool 01938 554818
Rural Department 01938 552371

About Us

Our residential, commercial and rural property teams are based at 10 offices in, Aberystwyth, Llanidloes, Machynlleth, Newtown,  Oswestry, Rhayader, Tywyn, Welshpool. Window display in Aberdyfi.

2019 © Morris Marshall & Poole | Registered in: England & Wales | Registered Address: Morris Marshall & Poole with Norman Lloyd, 28 Broad Street, Welshpool, SY21 7RW. | VAT Number: 159234749
All rights reserved. Terms and Conditions | Privacy Policy | Cookie Policy | Complaints Proceedure | RICS Client Money Protection Scxheme Rules | RICS Client Money Protection Certificate | Referral Fees