The average property value in Wales is now £146,272 and is on the rise. Numbers show that nationally prices are up by 2% in the past month and by 5% annually.
Merthyr Tydfil has enjoyed the biggest yearly increase up 12%, whilst Gwynedd has seen prices drop 6% in the same time period.
Over the last month, the Isle of Anglesey has seen the biggest decline in prices; down 2% from the previous month. But it is Port Talbot that has enjoyed a Cinderella-esque story with a recovery of 9% in the value of property when compared to this time last year, the same growth rate as England as a whole and 5% higher than Wales as a whole.
Not only this but between June and July property prices across Wales have seen a marginal decrease with just a 2% increase across England during the same time period. Port Talbot however, has enjoyed an increase of 7% during this time.
Tata Port Talbot site is home to one of the largest steelworks in the world. It has been at the center of controversy surrounding its sale and closure, which could result in the loss of several thousand jobs in the community.
Although the future of Tata’s steel works remains unclear, Port Talbot rise in property prices in the past year is an encouraging sign for the local community and discussions are continuing about a Pan-European merger with their closest competitor, Thyssen Krupp, but no concrete details have been released.
This is a lingering outcome for Port Talbot - if this controversy at the steelworks is resolved, there would be a newfound stability in the area’s property market. However, if the stalemate continues, homeowners can at least find comfort Port Talbot being home to the largest yearly increase across the whole of the Welsh nation.
Russell Quirk, founder and CEO of eMoov.co.uk, had this to say: “Neath Port Talbot enjoying the biggest monthly increase in property values across Wales is great news for homeowners in the area after the uncertainty that has plagued the market due to Tata closing the steel works in the area. When the local economy relies so heavily on one particular trade or output to survive, it can be disastrous for the local property market when this trade declines drastically or in this case disappears altogether.
Although the future of Tata steel works is not yet decided for certain, homeowners in Port Talbot have a small silver lining around the dark cloud that has been hanging above them for quite some time.”
image: Leighton Collins / Shutterstock.com
