House prices in Wales are expected to grow by 18.2% over the next five years – making it one of the fastest growing parts of the 海角视频, according to new research by Savills.
The predicted figures show that the value of a home in Wales will increase by more than £38,000 on average from £212,912 currently to £251,662 by 2026.
The forecasted rate of growth for Wales is significantly higher than the 海角视频 average of 13.1%. Only the north west of England, Yorkshire and Humber are expected to see slightly more of a rise at 18.8% to 2026.
The strongest growth will be seen over the next two years, with prices expected to increase by an average of 4% annually.
The price of a home at the higher end of the market, known as the prime market – broadly the top five to 10% by value – will increase by an average of 19.3% over the five year period outside of London.
Daniel Rees, head of Savills residential sales team in Cardiff and markets property across South and West Wales, said: “After such an intense period and without the imperative of a stamp duty holiday, there is likely to be less urgency from 2022.
“However, Wales will continue to experience the strong house price growth it has seen over the last decade, as the market ‘catches up’ with that of the rest of the 海角视频.
“Wales is still a comparatively affordable place to live and has become increasingly desirable, especially in the context of changing working patterns since the start of the pandemic.
" The pandemic also prompted many people to reconsider their lifestyles, which in turn saw a wave of national and international buyers looking to make a move into Wales, more often than not to be closer to family or their childhood home. These factors will continue to underpin demand over the coming years.”