House prices in Wales and the north reach 'record high' – but continue to drop in London

House prices in Wales and the north reach 'record high' – but continue to drop in London

May 20, 2019

HOUSE prices in Wales, the Midlands and North West of England have hit record highs despite "Brexit blues".

Average asking prices in Wales have broken through the £200,000 barrier for the first time, according to the latest figures from Rightmove, but dropped by 2.5 per cent in London.

Welsh property prices have reached £200,386 – the highest they've been since the property portal began monitoring house prices 10 years ago – despite predictions that Brexit delays would damage the housing market.

The cost of property in the East Midlands will set you back £228,927, up 0.8 per cent on the month before and 2.5 per cent compared to the same time last year.

Prices in the West Midlands have risen three per cent to £232,247 compared to last year and in the North West it has reached £198,399, up 2.1 per cent annually.

On average, new homes coming to the market jumped by over £2,800 – or 0.9 per cent – in May compared to the month before to £308,290.

But it's a different picture for homeowners in London and the south of England where prices are feeling the brunt of Brexit and have slumped by 2.5 per cent and 1.1 per cent respectively compared to last year.

The latest figures back Rightmove's previous predictions that Brexit will actually boost the housing market by up to £3,500.

Miles Shipside, director of Rightmove, pointed out that prices normally increase in spring as homeowners look to sell up in the summer months.

He said: "These increases [in Wales, the Midlands and North East England] are the result of a combination of strong demand, buyers' affordability headroom, and a continuing shortage of suitable properties.

"Agents in these areas say that Brexit concerns are not really on the agenda of home movers – they are more concerned with satisfying their housing needs."

Ian Marriott, director at FHP Living in West Bridgford in Nottinghamshire, warned that "sellers shouldn't be disheartened" if viewing figures are down.

He added: "I think people are just really bored of the whole Brexit debate.

"It feels like there is some kind of election every week and so the fear factor is perhaps subsiding, and people are just getting on with their lives."

Dafydd Spear, sales manager at Belvoir Swansea, said of house prices in Wales topping £200,000: "I think it's because there's not so much Brexit doom and gloom here".

He continued: "In terms of what's happening in Swansea, we're seeing lots of investment in the city centre which is really driving things and boosting the whole area…

"We've been seeing a few cheeky offers, but by and large we're getting houses sold at very close to their asking prices, and in some cases, exceeding them."

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