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Seeking reliable data on whether Gwynedd in Wales is a buoyant market or has experienced a drop in asking prices / longer selling times in last month or two? Hard to fine reliable data that is recent.
I'm selling in London and looking to buy in North Wales and I wonder if there's anything to suggest prices may have dipped / be going to dip...
Any Wales property people out there?
Hi Eliza,I don't invest in Wales or know the area, so mine are just general comments.Due to Brexit and economic uncertainty, property prices have started to stagnate across the UK and properties are taking longer to sell, which means that people start to drop prices.The effect is generally felt first in London and the South East and then ripples out.Typically, poorer areas like many found in Wales have not enjoyed as much capital appreciation as the south east, so when the ripple reaches there, prices start to decline and take longer to recover.On that basis, I expect Welsh property to suffer a decline in value going forwards, but that is where my crystal ball gets cloudy!Local agents will be able to advise you about what is happening in their area, so worth calling around and asking?For more accurate data, this may assist:*How to make data-driven property decisions Hope that helps a bit?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
As Vanessa has said, the prices increases haven't been as steep or sudden as the prices in the south of England. Having said that, prices have still risen substantially in some parts of Gwynedd. Salaries are lower, so rental incomes are lower. It's all relative. Much depends on your plans/strategy; if you're looking at very long term BTL investments, the rental demand is good, but selection of property type and the location is, as with everywhere, of paramount importance. If you're looking at Gwynedd, Conwy, Ynys Mon (Anglesey to most of you), Powys etc, it's vital to still be aware of those selling deals that don't really stack up...yep, they operate here too!
If you want to connect with me to have a chat, please do - you'll find me on LinkedIn 'Helen Godbold-Eade'. We have clients with properties here, and we also know the area very, very well. Happy to share info with you!
All the best
thanks both, the Property Data link looks useful and Helen, I'll be in touch. Be good to see asking prices vs sold prices in local areas in one view to can look for the trend as I think trends vary wildly in Gwynedd depending on property type and area
You're welcome Eliza; have received and replied to your LinkedIn message.
You're not wrong; the diversity of property styles, types, locations, purpose, is extreme!
A big news paper recently had this area of Wales as the best retirement area for the active retirees.
It is a wet and beautiful part of the country so you will have a mix so really cheap and some nice and expensive with nice views etc
@Graa Not ready to retire yet! But you're right, I know the area pretty well and agree completely.
If anyone has asking prices vs sold prices by county for Wales that's what I'm now digging around for...
Look on Rightmove - Market Trends by postcode.
No asking price data but shows historic trends
everywhere goes up long term
May I ask why you're selling in London, and have chosen North Wales to buy in?
Generally speaking Wales prices are lower than England in terms of property as like Helen said salaries tend to be lower and so rents and house prices match up with that.
my recent experience is the opposite of your generalisation. Values in parts of Wales are more buoyant than parts of London.
But reasons to sell are a mixture of personal and business. I’m selling a BTL in London and buying a holiday let in Wales. It makes more financial sense, and capital yield in Wales are also good. Mainly it’s because it’s incredibly beautiful and a lovely place to go.
if I was a big investor with partners i’d love to renovate terraced houses in Wales for BTL for social value but privately. There is a huge disadvantage for many ordinary people in Wales as for years England has sucked up the money and Wales’s infrastructure remains chronically underfunded in terns of public investment.
Tourist areas are less affected.
My dream would be to use holiday let profits to fiund improved long term rental stock.
I don’t know who else is doing this.
Is that what u expected?