The property market has gone from strength to strength in recent years with many areas of the country witnessing values rise back to or even above their pre-recession best. Nationally with housing stock at an all-time low, house prices have increased by more than £2,000 per month since July last year, with an astonishing £3,500 increase seen in January 2016 alone. However, whilst national averages chart positive progression, the story locally is a little different…
As a leading estate agent and chartered surveyor Mallard Properties has been at the forefront of the local housing market since their establishment, with Partner and Royal Institution of Chartered Surveyors (RICS) member Jason Williams a regular commentator on the changing conditions.
“Despite property prices nationally hitting record highs, locally they have remained static,” said Jason.
“Elsewhere high demand has created enviable conditions for those selling, with buyers taking advantage of the excellent and accessible mortgage products currently available and competing for the low stock of homes for sale, which begs the question – why are market conditions different here?”
The current state of the local economy may explain why property sellers and buyers based in South Wales are not reaping the same rewards as those located in other parts of the UK.
“There is a huge level of uncertainty surrounding the local economy at the moment with a number of big local employers confirming structural changes, modifications that could and have resulted in direct job losses and supply chain cuts. Tata Steel for instance recently confirmed 750 job cuts at their Port Talbot mill, which held the title for being the biggest steelworks in the UK. Changes in local employment are certain to have impacted heavily on the local property market, bringing any rises experienced before to a halt,” concluded Jason.