House prices in Wales have overtaken their pre-recession peak for the first time.
According to the latest figures from the Office for National Statistics (ONS), prices in Wales rose 4% in the year to December, up from the 3.1% annual rise in the year to November.
In
December 2014, Wales house prices surpassed their previous peak of January 2008
and are now at record levels.
The
average house price in Wales rose to £173,000, from £171,000 in November.
House price growth in Wales since
February 2003
UK house
prices increased by 9.8% in the year to December 2014, down from 9.9% in the
year to November 2014.
In
December 2014, the UK mix-adjusted House Price Index reached 206.9. This is
0.4% lower than the record level witnessed in August 2014, when the index
reached 207.7 but 11.5% higher than the pre-economic downturn peak of 185.5 in
January 2008.
During
the year to December 2014, average house prices increased 10.2% in England,
4.0% in Wales, 5.5% in Scotland and 4.9% in Northern Ireland.
Average house prices in Wales
since 2002
Average
house prices increased strongly in the majority of the nine English regions
over the year to December 2014.
The
largest increase was again in London at 13.3% followed by the South East
(11.5%) and the East (11.4%).
Wales
spokesman for the Royal Institution of Chartered Surveyors (RICS) Tony Filice
said the market has been restored to a healthy balance.
He said
initiatives like shared equity scheme Help to Buy – Wales, whereby loans are
available to both first-time buyers and home movers for properties up to
£300,000, have got the market moving again.
Mr
Filice, a director at Cardiff based Kelvin Francis said: “It’s encouraging that
the levels are what they are. It drives home the fact the market has stabilised
giving it a healthy vote of confidence for firsttime buyers to come into the
market.
“At the same
time we know the availability of funding is there with 5% deposits and the
additional benefits of Help to Buy Wales.”
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