Regional Property Market Update Spring 2021: West of England and South Wales
At 7.0% and 8.5% respectively, average annual price growth in Wales and the South West is significant. In both areas growth is currently stronger than at any point in the last four years. Five areas of the South West are currently experiencing double-digit price growth. Caerphilly is the strongest performing area in South Wales. Properties are selling more quickly than a year ago.
Annual price growth has strengthened across the UK in recent months
Most active housing markets across the West of England and South Wales region
Average property prices in the South West and Wales are more expensive than a year ago and activity across the market is robust. On average 3.4% of private properties are sold each year, with turnover in Tewkesbury more than 4%. Over 14,800 new homes were registered for sale during 2020, and nationally registrations have been on an upward trend since September.
First-time buyers were particularly affected by the closed housing market and the stricter mortgage lending that followed. However, buyer numbers have recovered steadily, with transactions just 2% lower year on year during the final six months of 2020 (UK Finance). The number of High Loan-to-Value (LTV) mortgage products has also increased, Moneyfacts reporting there were 169 products available at 90% LTV in January, over double the number available back in July. Lending rates remain low, the average mortgage rate the lowest in history.
Properties for sale in the West of England and South Wales region
Tetbury Upton, Gloucestershire, 4 bedrooms
Bay Tree Cottage is a modern semi-detached cottage style home built in 2002, situated in the charming hamlet of Tetbury Upton and enjoying a large south-west facing garden to the rear. The property, constructed with natural Cotswold stone, offers excellent accommodation arranged over two floors to include four bedrooms, two reception rooms, a kitchen-breakfast room and an integral garage.
Yeovil, Somerset, 5 bedrooms
This Grade II Listed detached period house is ideally situated in Yeovil, where there is an excellent range of shopping and business facilities, as well as a mainline rail station and excellent road links. The house itself benefits from five bedrooms, a swimming pool with a sauna, a kitchen-breakfast room with adjoining boot room, a self-contained two-bedroom annexe and a games room.
Newport, Wales, 5 bedrooms
This stunning five-bedroom period home is nestled away in a peaceful position, surrounded by mature private gardens within 4.12 acres of land, ample parking and garages. Extended around twenty-five years ago, this home offers a wonderful space for modern and rural living, with space for home-working or multi-generational living in a self-contained annexe. For commuters, Bristol and Cardiff are a commutable distance away and London is two hours away by train.
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