Wales has seen the highest growth in house prices anywhere in Britain, according to property portal Rightmove.
The website says the market has reached record levels for UK property prices as it continues to overheat across most of the UK at a rate many estate agents are calling unprecedented. Buyers and agents spoke to WalesOnline about their anger and frustration over excessive asking prices and having to manage a huge amount of interest in every listing - you can read that story here.
Figures just released by Rightmove see a new UK record for the average price of property coming to market of £333,564, which is 1.8% (+£5,767) above the previous all-time high recorded just a month ago. While the level of new properties coming up for sale is at a similar level to the long-term average, demand continues to massively exceed supply, especially in Wales and the northern regions of England, Rightmove states.
House prices have increased by 13% in Wales in a year, almost a full 2% more than the next area listed, the north-west of England. This is in stark contrast to the London market rate of price increase since pre-lockdown March 2020, which is now at a virtual standstill (+0.2%).
Tim Bannister, Rightmove's director of property data, said: "Last year's unexpected mini-boom is rolling on into 2021, with new price and market activity records again defying many predictions. Buyer affordability is increasingly stretched, but there's obviously some elasticity left to stretch a bit more as many buyers are squeezing their way into higher price bands.
"This high demand, with both willingness and ability to pay more, has pushed the average price of property coming to market in the UK to a new all-time high of a third of a million pounds. Wales is growing the fastest."
In Wales, most estate agents agree that the effect of the coronavirus pandemic has been the main driver behind this huge influx of buyers overwhelming the supply of available and affordable property.
People are bringing their dream move to the country, coast or village forward in their plans, with the opportunity to work from home as well as access to open spaces being the number one cause.
Estate agents are seeing some people skip a rung on the property ladder to get further up, and many current home owners are re-evaluating what is important to their current living arrangements, such as a garden, space, a thriving community or a view, and acting accordingly.
And the pandemic has just made some ex-pats long for a return to their homeland, willing to give in to their homesickness and get back to their roots.
© Beresford Adams Abersoch / rightmoveCottages in idyllic spots are now a rare beast, even ones that need a complete renovation
Richard Golten from Purple Bricks says: "The market is particularly busy in Cardiff at mid-range value, especially family homes up to the value of around £400,000, although the whole market is affected.
"There are many factors affecting the Welsh market currently with the stamp duty incentive contributing but fundamentally people are looking for bigger homes as they are spending so much more time there, with home office space becoming essential along with plenty of space for the family and a large garden to keep everyone entertained."
© Dawsons Mumbles / nichecomProperties with sea views have always commanded a premium price, now finding one is just as hard as being able to afford it
© Peter Alan, Whitchurch / rightmoveRenovations are popular as a way to get on or up the ladder and add value
Charlotte Bailey from Peter Alan said: "I think the pandemic has proved that we need our own space! First-time buyers may be renting apartments and they want gardens or even more office space. These are our most popular buyer requirements right now. We are selling properties unseen, especially to investors who can move a tenant straight in. We've just had one house sell for £20,000 over the asking price!"
James Thomas, director at estate agent MGY, says: "This the craziest six months in Wales we have experienced in a long time, with a huge increase in best and final bids. All price ranges are selling well at the moment, even the high-end, and it's obvious to all that there is a demand increase for semi-rural properties and people moving west."
Find out more about the effect of the current property market on buyers and estate agents here.
According to property portal Zoopla, £201,559 is the current average price paid for a property in Wales. Compared to many UK regions, Wales is still an area with many pockets of affordable properties.
Looking at Wales as four regions based on Rightmove's data breakdown, here's what the average price of a house in each area currently gets a buyer.
North Wales
Rightmove states that properties in north Wales, which includes Flinthshire, Denbighshire, Conwy, Anglesey and most of Gwynedd, had an overall average price of £202,344 over the last year. The majority of sales in this region during the last year were detached properties, selling for an average price of £274,647. Semi-detached properties sold for an average of £165,609, with terraced properties fetching £135,968.
© rightmoveWales is the region with the biggest property price increase over last year according to rightmove - these are some houses you can currently buy in north Wales for that regions average price
© rightmoveWales is the region with the biggest property price increase over last year according to rightmove - these are some houses you can currently buy in north Wales for that regions average price
© rightmoveWales is the region with the biggest property price increase over last year according to rightmove - these are some houses you can currently buy in north Wales for that regions average price
Mid Wales
Rightmove state properties in mid Wales had an overall average price of £224,204 over the last year. The majority of sales in mid Wales, an area that covers Powys, lower Gwynedd and a slice of upper Ceredigion, during the last year were detached properties, selling for an average price of £286,432. Semi-detached properties sold for an average of £179,448, with terraced properties fetching £149,466.
© RightmoveWales is the region with the biggest property price increase over last year according to rightmove - these are some houses you can currently buy in north Wales for that regions average price
© RightmoveWales is the region with the biggest property price increase over last year according to rightmove - these are some houses you can currently buy in north Wales for that regions average price
© RightmoveWales is the region with the biggest property price increase over last year according to rightmove - these are some houses you can currently buy in north Wales for that regions average price
Find your next perfect home here:
South Wales
Rightmove figures say properties in south Wales had an overall average price of £207,343 over the last year. The majority of sales in south Wales during the last year were terraced properties, selling for an average price of £148,822.
The area includes all of the south Wales valleys, as well as Newport, Cardiff, Vale of Glamorgan, Bridgend, Swansea and Monmouthshire. Semi-detached properties sold for an average of £196,726, with detached properties fetching £327,927.
© rightmoveWales is the region with the biggest property price increase over last year according to rightmove - these are some houses you can currently buy in north Wales for that regions average price
© rightmoveWales is the region with the biggest property price increase over last year according to rightmove - these are some houses you can currently buy in north Wales for that regions average price
© rightmoveWales is the region with the biggest property price increase over last year according to rightmove - these are some houses you can currently buy in north Wales for that regions average price
West Wales
Heading west and including Pembrokeshire, Carmarthenshire and southern Ceredigion, Rightmove says properties in west Wales had an overall average price of £198,541 over the last year. The majority of sales in west Wales during the last year were detached properties, selling for an average price of £264,763. Semi-detached properties sold for an average of £150,278, with terraced properties fetching £128,857.
© rightmoveWales is the region with the biggest property price increase over last year according to rightmove - these are some houses you can currently buy in north Wales for that regions average price
© rightmoveWales is the region with the biggest property price increase over last year according to rightmove - these are some houses you can currently buy in north Wales for that regions average price
© rightmoveWales is the region with the biggest property price increase over last year according to rightmove - these are some houses you can currently buy in north Wales for that regions average price
Properties featured in this article were listed online as on the market and available at the time it was written.