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Welsh house prices rise but activity more subdued

House prices in Wales continued to edge upwards according to the June RICS (Royal Institution of Chartered Surveyors) Residential Market Survey, but activity was subdued during the past month.

A net a balance of 29 percent of Welsh respondents to the latest survey said that house prices had risen since April. However, surveyors pointed to activity having been lower in June than in the previous month.

The number of new buyer enquiries was reported to have fallen back, whilst the number of newly agreed sales was broadly flat. In addition, fewer properties were coming onto the market last month, according to respondents.

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The data regarding price and sales expectations over the next three months is also relatively subdued.

Surveyors expect price activity to be broadly flat in the three months ahead, meanwhile the net balance for sales expectations is +9, indicating that surveyors on balance expect sales activity to increase marginally in the short term.

Looking 12-months head, surveyors remain relatively upbeat, with a net balance of +59 percent of Welsh respondents expecting prices to be higher in a year’s time.

John Caines FRICS of Payton Jewell Caines in Bridgend said: “The supply side of the market remains an issue”.

Paul Lucas FRICS of R.K.Lucas & Son in Haverfordwest, said: “A present shortage of residential properties across the sector is beginning to push up prices”.

Andrew Morgan FRICS of Morgan & Davies in Lampeter said: “We’re in the traditionally quieter period in June and July. The country property sector though continues to be activel with lifestyle buyers seeking the rural idyll.”

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The main findings of the latest survey for Wales were as follows (all figures indicate the net balance of respondents):

  • The headline price balance was +29% in the latest survey, indicating that house prices rose.
  • The price expectations balance for the next three months was 3% suggesting that respondents expect prices to be broadly flat.
  • The sales expectations was in positive territory, at +9%.
  • New buyer enquiries fell in June, according to the balance of respondents (-26%)
  • The balance for newly agreed sales was -3%.
  • The number of new properties coming onto the market rose fell, with the net balance for new instructions of -21%
  • A net balance of +59% of survey respondents expect house prices to rise in the next 12 months.
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