Average house price in Flintshire 15% higher than 12 months ago
The average price of homes in Wales hit a new peak of £215,810 in June, up 12.5% on a year ago and the strongest rate of growth reported over the past year.
According to figures from Principality Building Society’s Wales House Price Index for Q2 2021, the average price of a house in Flintshire has risen nearly 15% to £205,646 in the past 12 months.
But there is some sign that the strong pace of increases seen around the turn of the year has begun to abate, with the recent quarterly rate of increase in Flintshire falling back by 2.5% in Q2.
This is likely to be a result of the Land Transaction Tax (LTT) holiday coming to an end in June. All property types have posted price increases, although houses continue to outperform flats.
The quarterly pace of price growth has slowed a little over the past two quarters and- with the stamp duty holiday now ended- things may step down another gear in the second half.
Tom Denman,
Chief Financial Officer at Principality Building Society, said:
“The scale and strength of the housing market in Wales to date does suggest that this momentum will continue into the final quarters of the year. Clearly, the stimulus effect of the Land Transaction Tax holiday will have disappeared by then, and because some purchases were brought forward to capture that benefit, there will be an inevitable dip in activity.”
“Alongside this, the furlough scheme ends in September, thus further revealing the underlying state of the economy and employment.”
“Various forecasts suggest that Wales- along with other parts of the UK- will see house price inflation down to just under 5% in 2022 and onwards.”
“Much will depend on the course of interest rates and the economy, but the mortgage market remains very competitive with rates having fallen in recent months after slightly increasing at the height of the pandemic.”
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