House prices in Wales rebounded in June on the back of strong demand from first-time buyers and landlords.
Property prices in Wales rose by 2.1 per cent from June 2011 to June 2012, and ‘house sales’ rose by more than twice than the expected increase,.
The Welsh housing market is has a “fundamental resilience” in the current recession.
First-time buyers have benefited from lower prices compared to other parts of the country, causing property prices to rise. In addition buy-to-let landlords have taken advantage of low prices and affordable loans.
“While there are some affordable mortgage rates available, it’s a minority of borrowers with big lump-sums to put down on properties that can take advantage.
“Despite the improved picture in June, the challenges in the Welsh housing market remain widespread and deeply rooted.”
Buy-to-let investors are benefitting the most, taking advantage of high yields and lower rates.
“They are increasingly finding lower-end properties that are attractive additions to their portfolios and some people are incorporating buy-to-let into their retirement planning.
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