The latest data from the Land Registry has been released detailing price movement between June and July 2016.
You can see the eMoov CEO’s comment on the topline stats here. Or if you want to know how the market has performed in the rest of the UK, you can see the latest stats for Scotland here or England here. Or see the Welsh breakdown below.
Research by money saving online estate agent, eMoov.co.uk, has found that property in the Welsh town of Port Talbot has been climbing, despite controversy surrounding the fate of Tata steelworks, which employed around 10% of the population.
The average property value in Wales is now £146,272, and is on the rise. Numbers show that national prices are up by 2% in the past month and by 5% annually.
Merthyr Tydfil has enjoyed the biggest yearly increase up 12%, whilst Gwynedd has seen prices drop 6% in the same time period.
Over the last month, the Isle of Anglesey has seen the biggest decline in prices; down 2% from the previous month. But it is Port Talbot that has enjoyed a Cinderella-esque story with a recovery of 9% in the value of property when compared to this time last year – the same growth rate as England as a whole, and 5% higher than Wales as a whole.
Not only this, but between June and July, property prices across Wales have seen a marginal decrease with just a 2% increase across England during the same time period. Port Talbot, however, has enjoyed an increase of 7% during this time.
The Tata Steel site in Port Talbot is home to one of the largest steelworks in the world. It has been at the center of controversy surrounding its sale and closure, which could result in the loss of several thousand jobs in the community.
Although the future of Tata’s steelworks remains unclear, Port Talbot’s rise in property prices in the past year is an encouraging sign for the local community and discussions are continuing about a Pan-European merger with their closest competitor, ThyssenKrupp, but no concrete details have been released.
This is a lingering outcome for Port Talbot – if the controversy at the steelworks is resolved, there would be a newfound stability in the area’s property market. However, if the stalemate continues, homeowners can at least find comfort in Port Talbot being home to the largest yearly increase across the whole of the Welsh nation.
Neath Port Talbot enjoying the biggest monthly increase in property values across Wales is great news for homeowners in the area after the uncertainty that has plagued the market due to Tata closing the steelworks in the area.
When the local economy relies so heavily on one particular trade or output to survive, it can be disastrous for the local property market when this trade declines drastically, or in this case, disappears altogether.
Although the future of Tata steelworks is not yet certain, homeowners in Port Talbot have a small silver lining around the dark cloud that has been hanging above them for quite some time.Russell Quirk