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It was reported recently that Wales had seen the steepest monthly house price drop in England and Wales recently, with house prices diving by 3.3 percent for the month of March. Figures were released by the Land Registry recently showing that the average house price in Wales was now just £115,998.
Whilst falling house prices may not be good news for everyone this news will certainly make investors sit up and take notice, as it shows that there could be some real property bargains to be had in Wales at present with property prices having fallen so steeply.
Prices overall across England and Wales are said to have fallen by 1.1 percent for the month. However, the steep house price drop in Wales means that house prices in the area are now around 7.2 percent lower than they were in March of last year.
One industry official said that the property price falls in Wales may have been down to a combination of different factors, ranging from concerns over employment through to government cuts and lending worries. He stated: “The worry of potentially losing your job hasn’t helped things. It’s that confidence. You can see that from retail figures as well. Once we get a bit of confidence back and people know where they are, they’ll start to buy again.”
Whatever the reason behind the house price falls in Wales it is certain to stir up some interest amongst both existing property investors and those hoping to get into the property investment market – particularly after recent reports showed that banks were more keen to lend to buy to let investors because of the lower risk that they posed compared to first time buyers.
He said that people that were anxious to sell their homes in the current climate were having to look at pricing them more realistically in order to secure a sale.
This is something that will be of great interest to investors who are looking for bargain properties in which to invest their money and from which to make a healthy return on their investment.
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