New CML review of Welsh housing market

More than 72% of households in Wales are homeowners compared to a UK average of only 69%, according to an article outlining housing statistics and policy published in the CML&#39s annual National Markets Review.

Yet house prices remain more affordable than in many parts of the UK, with houses costing on average only around 70% of the UK figure.

Around 5% of all mortgages in the UK are in Wales, but they account for only 4% of the total value of mortgage lending in the UK. This is largely because of the lower price of houses compared to the UK average. There are 574,000 mortgages in Wales, with an average value of £42,700 each.

Ian Smith, chairman of CML Cymru, says: “Policymakers in Wales need to wake up to the importance of homeownership. The Assembly and local authorities have tended to get bogged down with social housing issues to the detriment of the private sector. But as this report shows, it is home-ownership which is delivering the majority of housing solutions in Wales.”