Why the Welsh housing market is booming
The Welsh housing market has been booming lately, more than any other area in the United Kingdom, and there are a number of reasons for this. We take a look at what has driven the market forward and look at why people are rushing to move house in Wales.
Value for money
Although the housing market figures for Wales are good, the average house price is much lower. Where the average house price in England is now £320,707, the average cost of a house in Wales is just £199,113, so you’re certainly getting a lot more for your money. Add to this the fact that the cost of living is also cheaper in Wales, so you’re getting even better value.
Stamp duty and other moving costs
With the stamp duty holiday on houses less than £250,000 running until 31 March 2021, buyers have been quick to sort out their house move and complete the conveyancing process before this ends. The conveying process can be a complicated one as there’s lots of things to consider, as you can see here: https://www.samconveyancing.co.uk/conveyancing-process so buyers considering moving have decided not to hang around.
The effect of the lockdown and more people working from home has led people to re-evaluate what they want from a home. Many have realised they want more space, more access to open air and spaces as they realised that working from home meant they didn’t need to be close to their offices in big cities and could move further afield where the house prices are cheaper and there’s more space for gardens and the great outdoors.
Types of customers moving to Wales
There have been three types of customers fuelling the Welsh market boom, people who are Welsh but have moved away and now decided they want to return, people who live in Wales but have decided they need something bigger or want to move away from the city, and those looking for holiday homes in the beautiful areas around the Welsh coast as the staycation trend has become more popular because of the pandemic.
Getting away from it all
Wales has an average population density of around 151 people per square kilometre and for its capital Cardiff 6,400 people, compared to the UK average of 275 people and up to an average of 20,000 in West London. People want to move away and have a quieter life.
Friendly people and way of life
As James James Groombridge, regional managing director, Acorn Property Group points out in this article https://www.msn.com/en-gb/money/other/the-welsh-housing-market-is-booming-more-than-any-other-nation-in-the-uk-heres-why/ar-BB1dLCNQ the Welsh are one of the friendliest nations and the country offers a great lifestyle choice.
Finding a forever home
As people worked from home during lockdown, the dedicated spaces within a house have become more important with a focus on having a home office. People have skipped stages of the housing move process and moved straight from a one-bedroom apartment to a three-bedroom house, looking for a longer term plan in their house move.