House prices have reached record levels in recent years. Post lockdown, we saw Wales hit the highest ever prices for houses across the country. Since then though, those prices have gone down consistently, and have now fallen for the 5th time in a row. So we’re taking a look at what the lower prices mean for people across Wales.
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00:00 Buying a first house, getting on the property ladder for the first time is often a difficult
00:05 task, and with house prices skyrocketing in the last few decades, it has become even more
00:10 difficult for people.
00:12 Over the last year or so though, Wales has seen a continual drop in house prices.
00:16 In the last 12 months, houses have fallen by 6.5% and now sit at roughly £230,000 on
00:23 average around the country.
00:25 The Vale of Glamorgan has seen the biggest fall at roughly 15% cheaper than last year,
00:29 with most local authorities having also seen drops.
00:32 That's all besides Flintshire, Gwynedd, Caerphilly and Swansea, which have all seen increases
00:37 in the last 12 months.
00:39 Flintshire is a particular outlier, as house prices have risen there by roughly 12% in
00:44 the last year.
00:45 On top of falling prices, the amount of properties sold has also dropped consistently now since
00:50 2021.
00:51 Despite houses being cheaper than last year, they are still over £55,000 more on average
00:57 and they were five years ago.