Welsh house sales highest in six years

Housing transactions in Wales in October hit the highest level seen since December 2007, according to chartered surveyors e.surv.

An estimated 3,600 house sales were completed in the month – an increase of 14 per cent from September and the highest volume since the 4,184 transactions in December 2007.

The average house price in Wales reached £154,696 in October; a monthly rise of 0.7 per cent from September’s average of £153,571 and 1.4 per cent from October 2012 when the average price stood at £152,616.

Comparisons of the annual change figure show Wales in the bottom three of regional changes, with the North seeing 1.3 per cent price inflation and Scotland at the bottom with an annual rise of just one per cent.

However, comparing the monthly change figure on a regional basis places Wales in the top three with 0.7 per cent growth in average prices. The East and West Midlands are first and second for monthly inflation with 0.9 per cent and 0.8 per cent respectively.

Prices are rising fastest in Cardiff where the average reached £197,730 in October this year, up 7.4 per cent from £184,132 last year.

The Council of Mortgage Lenders has also reported 2,900 loans were advanced to first-time buyers in the third quarter of 2013 – the highest quarterly figure since 2007 and 12 per cent higher than the second quarter 2012 total of 2,600.

E.surv director Richard Sexton says: “The housing market in Wales has turned over a new leaf and is clearly entering a new phase, with pent up demand and strong competition driving house price growth and rising sales.

“New buyer enquiries, sales and price expectations are all above the three-month average illustrating the strong headway being made.”