Regional Property Market Update Winter 2021: West of England and South Wales
Sales remain brisk as demand continues
The market is busier than in any year since 2007. In the first nine months of 2021, HMRC estimate that more than 1.2 million homes changed hands, 47% higher than the long-term UK average (2010–2019) and just 50,000 fewer than the same period in 2007. On average, there is now only 2.2 months’ worth of stock available in the UK, compared to four months’ stock in 2019 (TwentyCi).
The Cotswolds is the most active housing market in the West of England and South Wales, seeing more than one in every 20 homes change hands over the past year. The average annual rate of stock turnover in the area as a whole is 3.8%.
On the up
The average price of a property has increased significantly during the past year, a number of localities experiencing double-digit annual price growth. Agents anticipate price growth will moderate over the coming months to more sustainable levels, with predicted growth of 2.5% in both the South West and Wales during 2022 (Zoopla). According to Dataloft, the annual increase in the average property price in Wales is £21,600, with the average property price in the South West increasing by £23,500.
Keeping warm
COP26 focused attention on the environment and energy efficiency. An Energy Performance Certificate (EPC) is needed whenever a property is built, sold, or rented. While 90% of new build properties achieve the highest A or B rating, just 1 in 14 resale properties currently reach that grade, although 60% could with improvements. Upgrading could prove lucrative; resale properties rated A/B currently attract a 13% price premium (based on £psf), compared to those properties with the average D rating1.
Properties for sale in the West of England and South Wales regions of the UK
Tetbury, Gloucestershire, 4 bedrooms
Stylish living can be enjoyed within this substantial Listed town house, brimming with character and set a short walk from the Market House in this stunning Cotswold community with royal connections. Located towards the top of Silver Street lies The Old Surgery, this period house set over four floors with a cellar. The property was Listed Grade II in 1954 for its historical interest. Traditionally constructed of natural rubble stone elevations set beneath a pitched Cotswold slate roof, the property reflects considerable character.
Cardiff, Wales, 5 bedrooms
This handsome, beautifully presented double-fronted detached residence is tucked away in a sought-after suburb of Cardiff, adjoining the beautiful woods of Coed y Felin with nature on the doorstep and is close to all local amenities. Benefitting from an attractive design, the accommodation is arranged over three floors, featuring a large reception hall, an 18-ft lounge with a covered balcony, a dining room, an 18-ft fitted kitchen/breakfast room, a laundry room, five large bedrooms and three quality bathrooms. Outside, there are professionally landscaped gardens with a large patio and timber deck relaxation area.
Shepton Montague, Somerset, 3 bedrooms
This charming three-bedroom detached period cottage is set in the sought-after village of Shepton Montague, offering a friendly community with an award-winning public house, a church and a village hall, as well as the many amenities the nearby towns have to offer. The property boasts a bright and airy lounge, a farmhouse kitchen, a study that opens to a conservatory, plus a separate dining room. Externally, the property benefits from a large lanscaped garden with views over the surrounding countryside.
Contact us
As property prices continue to rise and the UK hits a record number of sales for autumn, sell your property with experts in the property industry this winter. Contact your local Guild Member today.
