North Wales Daily Post: Most of North Wales sees house prices drop in November
Wed 02 Jan 2013
North Wales News: Most of North Wales sees house prices drop in November
For Sale signs WALES had a bigger monthly house price fall in November than any English region, with a 1.6% drop taking average prices to ?115,202, Land Registry figures showed.
Prices were 0.9% lower in Wales than a year ago.
The biggest falls were in Conwy and Wrexham.
Prices in Conwy dropped by 4.3% to ?129,882 compared to a year ago with Wrexham down by 4.2% to ?113,869. Powys was down 2.4% to ?145,002, Ceredigion down 1.2% to ?159,358, Denbighshire down 1.1% to ?114,125, and Gwynedd down 0.5% to ?135,900. In comparison, prices were up on Anglesey by 4.4% to ?133,823 and Flintshire 1.9% to ?126,299. House prices overall in the UK increased by 0.3% month-on-month in November to reach ?161,490 across England and Wales, pushing them 0.9% higher than a year earlier, the Land Registry said.
But sales were more sluggish, with 57,971 transactions taking place between June and September 2012, representing a drop of around 7% on the same period in 2011.
There have been conflicting predictions for house prices this year, with some studies forecasting slight increases, some saying prices will edge lower, and others predicting they will be broadly flat.
London recorded the strongest year-on-year house price increase in November, with a 5.9% rise taking typical prices to ?362,592. Distractions such as the Olympics were blamed for disrupting the housing market last summer.
Dafydd Hardy estate agent director Richard Thomas said: ?This is an example of a slow market in a slow recovery. Conwy, for example, includes Colwyn Bay and Llandudno and has a lot of flats which are more difficult to get good prices for than houses. ?The housing market at the end of the year was much better than we expected. ?There were a lot of events on over the summer such as the Olympics but there is much more confidence now than there has been for a while. ?If a house has been priced competitively for the market there is a good chance of it selling. There is a feeling that more people are now buying.? Dafydd Hardy added: ?The Land Registry Figures have not yet recorded sales for September and October which will hopefully show a different picture. ?The market for the first six months of the year were not good but improved over June, July and August and definitely by September and October with a dip in November in the run-up to Christmas. The number of transactions are up. I think this year will be similar to last year but hopefully better.? Peter Rollings, of estate agent Marsh & Parsons, described last year? ?s housing market as ?topsy-turvy.? He said: ?Recent improvements in mortgage lending, combined with rising national house prices point towards a more positive end to the year and start to 2013.? The Government launched a multi-billion pound scheme in August to kick-start lending to households and businesses, which has prompted an increase in mortgage availability and a price war among mortgage lenders who have slashed their rates.
A multi-billion pound Government scheme in August to kick-start lending saw the strongest competition aimed at people with larger deposits and would-be buyers still facing the hurdle of meeting lenders? toughened borrowing criteria in a difficult economy.