Welsh House Prices See Steepest Drop Since 2009 Crash
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House prices in Wales dropped 6% in 2023, the biggest decline since the 2009 financial crash. The average house price is now £234,000.
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Merthyr Tydfil saw the largest price drop at over 20%. Only 4 areas (Gwynedd, Anglesey, Cardiff, Caerphilly) saw price increases.
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This is the 4th straight quarter prices have fallen in Wales. Prices remain 25% higher than 5 years ago.
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While Cardiff and Caerphilly hit record highs, 18 of 22 local authorities saw price declines year-over-year.
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Factors like cost of living, higher mortgage rates likely to drive further price declines in 2024 before a recovery in 2025.