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Welsh Surveyors Remain Optimistic About Rising House Prices

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House prices in Wales continued to rise strongly in September, according to the latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey.

The market was busy during the month, with new buyer enquiries and newly agreed sales, alongside new instructions to sell, growing firmly too.

Welsh surveyors also remain relatively upbeat about the prospects for the market, with respondents, on balance, pointing to price rises and an increase in sales activity over the next three months.

RICS Residential Spokesperson for Wales, and Director of Kelvin Francis, Cardiff, Tony Filice FRICS, says:

“The market has been generally busy with new listings, viewings and offers, and surveyors expect that to continue. But there has been some easing back from the past couple of months when there was more of a rush to buy. Buyers have more mortgage choice now than they did and it appears that they are taking more time to make decisions.”

John Caines, MRICS of Payton Jewell Caines, covering Bridgend, Port Talbot and Neath, said:

“Following a very busy few months, there are some signs that the market is slowing marginally. Supply remains a problem.”

The main findings of the survey were as follows:

The headline price balance for Wales was +51% in the latest survey, meaning that 51% more surveyors said that prices rose in the past three months than those who said they fell.

The price expectations balance, at +3%, remains in positive territory, as does the sales expectations balance at +23%.

The new instructions to sell balance was at +43%, suggesting that there was an increase in the number of new properties coming onto the market. Meanwhile, new buyer enquiries increased according to a net balance of +35% of Welsh surveyors, and the newly agreed sales balance increased to +34%.