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House prices fall in Wales, rise in Swansea

By South Wales Evening Post  |  Posted: February 20, 2013

By Helen Keates

Comments (7)

HOUSE prices are on the rise in Swansea — bucking the trend, as they fell across Wales as a whole.

In Wales they fell by £2,001 in the past 12 months, according to an industry index.

But in Swansea average prices rose from £146,273 in December 2011 to £149,520 December last year — up 2.2 per cent.

In Carmarthenshire they fell from £137,261 to £136,726 (-0.4 per cent). The figures were more stark in Neath Port Talbot, with a fall of 3.2 per cent from £108,602 to £105,165.

The director of a South West Wales estate agent said home owners should be encouraged by greater movement in the market.

LSL/Acadametrics Wales House Price Index said that the average price was £151,573, down 1.3 per cent year on year. In December prices fell £597.

However, Nigel Jones, director of John Francis, said anyone selling a house should not be too worried about the fall.

"That figure is an average across the country," he said. "There will have been greater falls and some modest increases.

"It's more important that more properties are selling. Last year our sales went up 7 per cent — so people are buying houses. Early indications this year are that this trend is continuing. There is movement and we expect more properties to be sold."

Oliver Blake, managing director of UK- wide estate agents Reeds Rains said: "December figures show the Welsh housing market has regressed back to the low point it was at last September. All of the gains made during autumn have fizzled out and prices have slumped £2,000 in twelve months.

"Average house price figures show a sluggish trail, as they fall by £597 monthly and slide backwards to where they stood last September. In light of the small uptick in November, disappointingly the small steps of improvement have disappeared. House prices are lower than they were two years ago and are £393 below the average house price in 2008, and that doesn't even take inflation into account."

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7 comments

  • MB1980  |  February 22 2013, 9:35AM

    Proprty map based on year on year sales data http://tinyurl.com/clmmxmo

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  • Neathboy234  |  February 20 2013, 4:36PM

    siarad2 I agree, but why did immigrant1 say get in now. Seems to me you are both more than a bit silly lol lol

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  • siarad2  |  February 20 2013, 4:01PM

    @imigrant1 You're right: always buy on a falling market, the stupidly high prices were caused by people buying on a rising market. Apparently this is human nature as people wont buy UNLESS prices are rising, it's the reason the gov. insist on inflation being 2% by tasking the Bank of England to make it so or nothing would be bought. @neathboy234 That's silly of course he can't guarantee the prices wont fall just as no-one can do the opposite & absolutely didn't.

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  • tawse57  |  February 20 2013, 2:55PM

    Asking an estate agent what he thinks of the property market and whether house prices are rising is a bit silly isn't it - estate agents are sales people who are vested interests. I was told by a manager of one Swansea estate agent branch that there is a price war going on at the moment with estate agents allegedly ramping up asking prices by giving higher and higher valuations to sellers just in order to get stock on their books. Once they got the stock on the books they wait a month or two before saying to the seller "You know Mrs. Jones, we really need to drop the asking price if you want to get any viewings" - anyone know if this is true or not? I had another estate agent telling me recently of houses that sold for about 200K to 230K in Gowerton 3 or 4 years ago that they think are now worth less than 100K and I heard a story in a Sketty cafe this week from a person complaining that he had paid 400K for a house in Derwen Fawr with one estate agent 3 years ago and now other estate agents have told him the house is only worth 300K tops but more like 250K to 270K. He was not happy. Swansea is NOT special. The wider economic decline is affecting Swansea just as much as anywhere else. Banks are down valuing house prices and refusing to lend huge multiples on mortgages. The job market is worsening and food, fuel and other bills are soaring due to rising inflation. Anyone who tells you that Swansea will not be affected by all these things is in denial. There is a massive housing bubble in Swansea and with the UK economy worsening by the day sooner than later the Swansea house bubble will pop. If you are looking to buy a house probably the last person you should turn to for advice or an opinion is an estate agent - they are sales people who want their commission. There is plenty of information on-line on various websites and forums about the housing market and house prices in the UK - do your own research!

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  • Spideyjonesy  |  February 20 2013, 2:29PM

    lets be honest no one wants to live in places like llanelli or neath, any 1 with any sense wants ti live in a decent city like swansea no wodner our house prices are rising whereas areas around us fall. you can't argue with facts

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  • Neathboy234  |  February 20 2013, 2:04PM

    immigrant1 how do you know prices will not get any lower!, if only we all had your crystal ball. This comes on the same day as it is announced that mortgage lending at lowest level since April 2012. Falling 9% compared with December, and a 3% fall compared with January 2012. The CML said it was worried that rising inflation would make it harder for people to afford to take out a new mortgage. We also have to remember that 90% of the government cuts have yet to kick in. If i was a youngster thinking of buying my first house i'd hold back a bit yet, in spite of what others with their crystal balls might say, lol lol.

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  • immigrant1  |  February 20 2013, 1:26PM

    Get in now while prices are still lower. In another 10 years time, those that refuse to buy now will be complaining that prices are too high. I never understand why so many don't buy when prices are low, but want to buy when they are high. Buy now before the rises start. Mortgages are starting to be more available, and interest rates will remain low for years. It's a real no-brainer to stock up on quality property now.

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