There has been a slight fall in the number of residential properties sold in Wales with a £1m-plus price tag, driven by a step decline in the Llandudno postcode area. According to new research from Property Solvers, from September 2021 to 2022, there were 65 sales in the price tag bracket, compared to 70 a year earlier.
Using HM Land Registry statistics, the home buying company and auctioneer, said the total value of £1m-plus sales in Wales was £88.91m. On 2020-21 this represented a decrease of 2.16% from £90.86m. The highest number was in the Cardiff postcode area with 27 property acquisitions of £1m-plus, which was up on 25 a year earlier and on the total value up from £31.3m to £37m. This included properties outside of the capital, but with Cardiff postcodes like Penarth and Cowbridge in the Vale of Glamorgan.
In the Newport postcode area there were 14 sales, the same as the previous year with the total value up from £17.2m to £18.6m. In Swansea the number of sales rose from 7 to 13 , with the total value up from £9.7m to £16.7m. However, in the Llandudno postcode area the number of properties bought in the price bracket declined 100% from 22 to 11. This saw the combined value decline from just over £30m to £16.4m.
The most expensive house sale was at Marine Parade in Penarth, following by a property on Ravenspoint Road at Trearddur Bay in Holyhead, which was sold for just over £2m.
According to the Principality Building Society, based on figures for the second quarter of this year, the average house price in Wales is now just over £240,000 - the highest on record and up more than 11% on the previous year.
Co-founder of Property Solvers, Ruban Selvanayagam, said: “Although there remains a fairly healthy volume of sales in this price bracket, there are emerging signs that buyer appetite for these types of homes is decreasing.”
“£1 million-plus properties - even for the wealthy and overseas investors - are major commitment and indeed affected by the wider economy. With unabated inflationary pressures and rising interest rates as a result, not to mention an expected drop in foreign investment in Central London in particular, it would not be too much of a surprise to see a continued cooling off across the high-end property market in the coming year at least.”
Read Next : Plans for 700-plus waterfront apartments in Cardiff
Read Next: What is happening to the Ford engine plan site in Bridgend?
