House sales across North Wales have surged since the first pandemic lockdown ended in July, according to one of the region’s leading law firms.
Swayne Johnson, which has offices across the region and in Cheshire, has seen a dramatic increase in their property work as house hunters have looked to cash in on lower taxes on home sales.
Michael Tree, director and head of conveyancing at the firm which has bases in Denbigh, Ruthin, St Asaph, Llandudno, Menai Bridge and Tattenhall, near Chester, said sales had plummeted in the first lockdown only to come roaring back in the second half of the year.
Figures since July are up 50% on the same period in 2019 due to pent-up demand and as buyers race to get deals done before the Land Transaction Tax holiday ends on March 31.
In Wales, the Land Transaction Tax concession introduced in July moved the threshold from £180,000 up to a new level of £250,000, worth a maximum of £2,450 to people who buy a property for this price.
Mr Tree said: “During lockdown, the market ground to a halt but that pent-up demand was still there and when conditions eased, everyone was back on the market.
“It has also been helped by reductions in stamp duty on house sales and in Land Transaction Tax which will be in place until March 31 next year, and this has encouraged buyers to get back in the market.
“There’s always the pre-Christmas push which sees many house-buyers desperate to move in ahead of the holiday so they can spend it in their new home, and I think that has also fuelled sales.”
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In September, Gwynedd reached a new record average house price with detached properties leaping from £250,000 to £280,000 with an overall increase of almost 15%, according to the Principality Building Society.
Conwy and Flintshire have also seen significant price rises this year while Wrexham and Anglesey have risen more modestly and in Denbighshire there has actually been a fall.
Mr Tree added: “Traditionally you would expect house sales to pick up with the spring and continue through the summer before falling away again but the pandemic has changed all that.
“Viewings have been more difficult because of social distancing but estate agents have been creative and they have found a way to market their properties and the market has remained very strong in a way we’ve never seen before.”
House prices across Wales have grown by 2.2 per cent in the third quarter and that looks set to continue in the final quarter of the year with larger homes proving popular.
Anglesey is the most expensive place with an average house price of £210, 845 followed by Gwynedd £198,279, Conwy £196,720, Flintshire £191,337, Wrexham £176,934, and Denbighshire, the only county where prices fell this year, £174,965.