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PRIVACY
Economic Development

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

But the cost of living crisis, interest rate hikes and rising borrowing costs have all led to speculation that the market will cool

Stock on agents' books in Wales is at a historically low level(Image: Western Mail)

House prices in Wales are continuing to rise but the cost of living crisis has seen enquiries and sales curtail, according to a new report.

The latest Royal Institution of Chartered Surveyors (RICS) survey reported demand and sales fell in the housing market in Wales during June, with expectations muted for the next few months.

The residential market survey found that net balances of new buyer enquiries were at -23 and newly agreed sales were at -5, indicating that fewer potential buyers were seen in the market during June compared to May and fewer sales were going through.

Short-term expectations for the market in Wales are also muted, with a net balance of +5 for price expectations and -16 for sales expectations.

This indicates that over the next three months those surveyed, on balance, expect prices to rise marginally and sales to edge lower.

The number of properties coming onto the market in June did increase, but the report said this was off the back of a longstanding lack of supply.

Indeed, the report said stock on agents' books in Wales is at a historically low level. As a result supply prices continued to edge upwards despite lower demand.