This year started well for the Welsh housing market according to the Residential Market Survey conducted by the Royal Institution of Chartered Surveyors (RICS) and looks set to continue on this positive trajectory.
Although house prices rose in Wales, as in many other parts of the UK, Welsh Surveyors remain extremely positive for sales and prices going forward for the next year.
Much like other regions, however, supply and demand issues do feature in this region with a decline in the number of houses entering the market. Despite this, price and activity indicators for the next 12 months remain higher than other regions in the UK.
“A net balance of +39% of Welsh respondents said that house prices rose in January, compared to just +8% for the UK as a whole. Welsh surveyors also remain the UK’s most optimistic regarding what will happen in the three months ahead. A net balance of +42% of Welsh respondents anticipate that prices will increase in the February to April period, whilst a net balance of +35% expect sales volumes to do the same. These figures are both the highest of all the UK regions; and indeed a number of regions expect price falls.”
Tony Filice FRICS, Director of Kelvin Francis (Chartered Surveyor estate agents) also notes;
“January saw the continuation of the trend at the end of 2017 of the Welsh housing market outperforming the UK as a whole. Surveyors indicate that prices rose in January, and they remain confident in the outlook. Indeed, in our experience, it has been a busy start to the year and we expect that momentum to continue.”
You can read the full survey results here.