House price growth in Wales outstrips UK – Principality

Wale house prices have soared so high that they are over taking even UK house prices. Growth in the UK has been about 3% in 2018, but Wales have managed to out beat the UK at about a rate of 4%. The reason of these results are due to high employment with low interests rate causing some insane numbers. Numbers will continue to steadily increase over time. Currently Wales is faster than anywhere in the UK for housing prices.

Key Takeaways:

  • In 2017 Welsh house prices in 18 counties grew faster than house prices in the UK as a whole.
  • The growth is caused by the construction of new houses in Cardiff and Newport, which pushed up house prices in those regions.
  • The interest rate increase caused a slow down in the market. Wales will pass a Land Transaction Tax which will save people money and 80% of people would pay no tax.

“In November, Chancellor Phillip Hammond abolished stamp duty for first-time buyers on properties worth up to £300,000.”

Read more: https://www.bbc.co.uk/news/uk-wales-42640309

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