January 11, 2022
House price growth continues in Mid Wales and Shropshire as home owners seek work and lifestyle changes
The housing market in Mid Wales and Shropshire continues to grow at a pace as more and more people look to move because of work and lifestyle changes during the pandemic.
House prices rose by up to 12% in the region in 2021, although they’re anticipated to moderate to around 3% in 2022, according to Michael Williams, a Partner at Morris, Marshall and Poole with Norman Lloyd based at Aberystwyth.
“We’ve seen record sales throughout Powys, Ceredigion, Shropshire and Gwynedd over the past year amid a significant growth in house prices throughout the region,” he said. “We anticipate growth to moderate to around 3% in 2022, even with the Bank of England base rate increase to 0.25% in December.
High homebuyer demand for good quality properties
“Demand from house buyers in the area has been outstripping the supply of housing stock. However, following Christmas and New Year we’ve seen a stepped increase in homeowners wanting to put their properties on the market.
“It’s been an encouraging start to the year. Many homebuyers are looking for larger properties, principally because they are spending greater time at home for work and leisure following the pandemic.”
He added: “Our advice to anyone thinking of selling their home is to seek a valuation from their estate agent and place it on the market. Prices have risen and demand is there. Combine that with anticipated inflation and base rate rises and now is the time to consider a house move, whether buying or selling.”
According to the Guild of Property Professionals, which Morris, Marshall and Poole with Norman Lloyd is a member of, an estimated 1.3 million residential property transactions will take place in the UK during 2022/2023 – 8% higher than the long-term average.
This is set against a private housing stock turnover of around 3.5% in Powys and Ceredigion in 2021 and 4% to 4.49% in Shropshire during the same period.
Increase in house prices in Mid Wales and Shropshire
The average rate of price change in Powys was 12%, with the average house price at £216,998 compared to Shropshire which saw a 16.9% increase and an average house price of £255,156. This equates to an average house price increase of between £21,600 and £22,700.
Demand for homes in towns ranging from Newtown and Welshpool, to Aberystwyth and Machynlleth, Llanidloes and Rhayader, and Oswestry continues to rise.
“There’s unlikely to be any further changes to the Land Transaction Tax in Wales or Stamp Duty Tax in England. And so those who have held off selling their homes should consider their options now before any Base Rate rises,” added Mr Williams.
MMP/NL provides free valuations of properties and offers a new sale, ne fee policy in line with the Guild of Property Professionals.
They also have an independent mortgage adviser available for home buyers. Stuart Potts of the Mortgage Advice Bureau is on hand to provide mortgage offers from hundreds of providers. Appointments can be booked through local MMP/NL offices or via email.
More information about current properties on the market can be found at www.morrismarshall.co.uk.