Welsh House Prices Buoyant as GB Regions Avoid Brexit Blues in May

House prices across Great Britain managed to avoid Brexit blues this month, according to a recent house price index by Rightmove. Out of 11 regions surveyed across the country, eight of them registered a rise in average house prices over the past year.

The largest house price gains were seen in Wales, according to the index. Average prices rose as much as 4.1 per cent since May 2018, with prices rising by 2.1 per cent in just one month alone. As a result, the average Welsh home was estimated to cost £200,386.

London came last in terms of performance with average house prices falling by 2.5 per cent on an annual basis, despite a month-on-month increase of 1.2 per cent. This brought the average London home price down to £621,589, according to Rightmove.

This news came after real estate investment firm, London Central Portfolio , found that transactions jumped in the prime Central London market in the first quarter of 2019, in a recent report.

In line with seasonal trends

Miles Shipside, CEO of Rightmove, commented: “Price increases are the norm at this time of year…new-to-the-market sellers’ price aspirations are underpinned by the higher demand that is a feature of the spring market.”

Addressing the better performance of regions, such as Wales and the West Midlands, Mr Shipside added: “Agents in these areas say that Brexit concerns are not really on the agenda of home-movers; they are more concerned with satisfying their housing needs.”

“In spite of some of the challenges in the market, interest in property remains very high.” he concluded.

Welsh optimism

The outperformance of the Welsh housing market was noted by some, as asking prices broke through the £200,000 level for the first time.

Dafydd Spear, sales manager at Welsh estate and lettings agency Belvoir Swansea, mused on the positive developments: “I think it’s because there’s not so much Brexit doom and gloom here. In terms of what’s happening here in Swansea, we’re seeing lots of investment in the city centre.”

Mr Spear added: “We’re a very buoyant market. People still need to buy, and people still need to sell…it’s been all systems go…we’ve been seeing a few cheeky offers, but by and large, we’re getting houses sold at very close to their asking prices, and in some cases, exceeding them.”