Posted: Thu 20th Apr 2023

Average house price in Flintshire down by 5.2% to £223,596

News and Info from Deeside, Flintshire, North Wales
This article is old - Published: Thursday, Apr 20th, 2023

The average house price in Wales has fallen to £245,101, according to the latest data from the Principality Building Society’s Wales House Price Index for Q1 2023.

This marks the first drop since the Covid pandemic and represents a 1.6% decrease on last quarter’s record high of just over £249,000.

The figures also reveal that the annual price rise is now 5%, half the rate of three months earlier, and the lowest annual increase since 2020.

The subdued picture is reflected across Wales, with more local authorities reporting quarterly price falls than increases.

In Flintshire, the average house price has fallen to £223,596 a quarterly decrease 5.2%.

Only four of the 22 local authorities reported new peak prices: Blaenau Gwent, Newport, Vale of Glamorgan, and Torfaen.

Transaction levels were hit significantly following last autumn’s mini-budget and the subsequent increase in interest and mortgage rates.

As a result, activity in January-March 2023 was the weakest since 2020 pandemic levels, with sales down 17% year on year and 26% quarterly, to a figure of just over 9100 transactions.

Shaun Middleton, Head of Distribution at Principality Building Society, commented on the findings: “The latest data shows that housing market conditions in Wales are more subdued than in previous quarters.”

“We are seeing the impact of wider economic factors, such as the increase in interest and mortgage rates following last autumn’s mini-budget.”

Middleton went on to say that future prices will be determined by key variables such as the movement of interest rates, inflation, and the cost of living burden.

Despite this, he also noted that there are some positives to be found, with signs of lenders competing to attract business and rates edging down.

The decline in sales has been across all property types, with detached properties lagging behind the most.

The average price of a detached house in Wales is now £364,275, while semi-detached homes are priced at £226,347. Terraced homes average £171,290, and flats cost on average £152,576.

In Flintshire, the average price of a detached house is now £290,078 while semi-detached homes are priced at £192,587. Terraced homes average £153,676 and flats cost on average £102,799.

While the figures may seem concerning for those in the property market, it is worth noting that the housing market has seen a significant boom in recent years.

Therefore, some experts believe that a period of consolidation is necessary to bring prices back to a more sustainable level.

Spotted something? Got a story? Send a Facebook Message | A direct message on Twitter | Email: [email protected]
Latest News

  • Gladstone’s Library welcomes prestigious diamond dagger award to its archives
  • Call for local residents to help shape Rivertown Church’s ambitious plans for new community hub
  • Let’s Eat Cake fundraiser raises over £10,000 for children’s hospice

  • More...

    Gladstone’s Library welcomes prestigious diamond dagger award to its archives

    News

    Call for local residents to help shape Rivertown Church’s ambitious plans for new community hub

    News

    Let’s Eat Cake fundraiser raises over £10,000 for children’s hospice

    News

    RoSPA: One in three UK homes lacks essential carbon monoxide alarms

    News

    E. Coli: 27 cases confirmed in Wales with outbreak linked to salad leaves in some supermarket sandwiches

    News

    Flintshire trailer theft suspects arrested in Lancashire

    News

    Joint police operation nets three drug arrests in Shotton

    News

    Action-packed racing at Chester on Saturday with Novice Stakes opener

    News

    RSPCA Cymru calls on public to help save wildlife from hazardous nets

    News