Rapidly rising house prices in Wales are a sign of the growing demand for new homes in the country, according to housebuilder Bellway.
Figures from property website Rightmove show that the average asking price for a home has risen much faster in Wales than elsewhere in the UK over the past 12 months.
And Bellway, which is currently building at sites in Cardiff, Newport and rural Monmouthshire, says this trend reflects the increasing demand it has witnessed at its Welsh developments -including from buyers across the English border.
Rightmove’s statistics for August show that there has been a 2.3 per cent increase in Wales over the last month and a 10.9 percent jump year on year.
The figures reveal that nationally there has been a 0.3 percent monthly decrease with a 5.6 percent annual rise.
Billie Oaten, Sales Director at Bellway Wales, said:
“This is further evidence of the strength of the housing market in Wales, which continues to outperform the rest of the UK. We have noticed a particularly high demand for homes at our Welsh developments over the past 12 to 18 months.
“Some of this has been driven by the growing popularity of rural or village locations since the start of the pandemic. However, it is also part of a longer-term trend which has seen Wales become an increasingly attractive option for housebuyers from England.
“Cardiff has established a reputation as one of the UK’s most liveable cities and its appeal to buyers from all corners of the British Isles continues to grow, while the South East of the country offers excellent value compared to neighbouring towns and cities just across the English border.
“The Rightmove figures show that the average asking price of a house in Wales is £236,037, compared to £350,600 in the South West. While prices are on the increase, this comparison indicates that there is still an excellent opportunity for buyers in Wales to benefit from future house price inflation.”
Bellway is currently building at two developments on the edge of Cardiff, as well as sites in Newport and Undy.
The developer is delivering 270 new homes at its Longwood Grange site in Lisvane, which is part of a wider neighbourhood being created on the northern edge of Cardiff.
Bellway is also set to provide 120 homes at Rhiwlas at Plasdŵr, in Radyr, which will form part of Cardiff’s brand-new garden city.
A total of 144 homes are being built at Bellway’s Greystone Meadows site in Undy, while the housebuilder is delivering 152 homes at the Heron’s Mead development which is part of the wider regeneration of the former Llanwern steelworks site on the eastern edge of Newport.
“The four developments we are currently building at in Wales will provide a total of 686 much-needed new homes to meet the growing demand for housing in this part of the UK. Confidence in Wales as a place to live and invest is growing, which is reflected by the major housing developments we are involved in.
“Wales is a key growth area for us as a business and we are committed to supporting the delivery of new housing and the creation of new neighbourhoods across the country, which will in turn attract further investment. The continued strength of the Welsh housing market therefore represents good news not only for homeowners in Wales but also for the wider Welsh economy and the country as a whole.”
As well as its current developments, Bellway is also preparing to start work at new sites in Pontypridd and Swansea.
The housebuilder is set to deliver 95 homes at Coed Derw, in Llantwit Fardre near Pontypridd, and 184 homes at Parc Mawr, in Penllergaer near Swansea. The latter is part of a proposed neighbourhood of 850 new homes, a primary school, local centre, community facilities and public open space.