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Economic Development

House sales in Wales fall but shortage of stock drives prices up

Higher interest rates and the cost of living crisis were cited for the drop in market activity

Houses in Porth, Rhondda(Image: Mirrorpix)

Sales in the housing market fell in Wales last month but the shortage of available housing is continuing to raise prices, according to a new report.

The latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey for July reported that there were fewer homebuyers active in the housing market in Wales last month.

Yet, limited available stock is continuing to drive house prices up.

Read more: Housing market in Wales continues to grow as three Welsh towns see prices jump by more than 25%

The RICS Residential Market Survey is a monthly sentiment survey of chartered surveyors who operate in the residential sales and lettings markets.

It compiles net balance data, calculated by taking the number of those surveyed reporting a rise in prices minus those reporting a fall.

The survey found that new buyer enquiries have reduced in number for the fourth consecutive month, with a net balance of -47% among those surveyed, the lowest figure since May 2020.

Higher interest rates and the cost of living crisis were cited among those surveyed as reasons for the drop in market activity.