September 2022 to August 2023
Sales Volume:
In September 2022, Wrexham's property market recorded 132 sales.
The sales volume exhibited fluctuations throughout the year.
By August 2023, Wrexham had 86 sales, indicating a decline in activity compared to the start of the year.
Average Prices by Property Type:
All Property Types: The average price for all property types in Wrexham started at £209,440 in September 2022 and decreased to £195,595 by August 2023, representing a -6.61% change.
Detached Houses: The average price of detached houses in Wrexham began at £305,675 in September 2022 and decreased to £287,417 by August 2023, indicating a -5.98% change.
Semi-detached Houses: Prices of semi-detached houses started at £190,464 in September 2022 and decreased to £177,616 by August 2023, marking a -6.75% change.
Terraced Houses: Terraced houses, with an initial average price of £159,058 in September 2022, decreased to £147,365 by August 2023, reflecting a -7.36% change.
Flats and Maisonettes: The average price for flats and maisonettes began at £104,533 in September 2022 and decreased to £97,538 by August 2023, indicating a -6.68% change.
Trends in the Wrexham Property Market:
Over the past year, the Wrexham property market has experienced varying trends.
All property types have seen significant decreases in their average prices.
Terraced houses have exhibited the most significant decrease in value.
The overall sales volume exhibited fluctuations but ended the year with a decline.
Future Trends and Predictions:
While predicting the future of the property market is challenging, we can make some educated assumptions based on the observed trends:
Market Correction: The significant decrease in average prices for all property types suggests a market correction. Buyers may find opportunities for more affordable housing options in the coming 12 months.
Stabilisation: The Wrexham property market is likely to stabilise as the correction progresses, with prices reaching a point of equilibrium.
Interest Rates: The property market is sensitive to interest rates. Monitoring changes in interest rates is crucial for understanding how the market may evolve.
Economic Factors: Economic recovery and external factors will also play a role in shaping the market's future trajectory.
In conclusion, the Wrexham property market has experienced a year of correction, with significant percentage decreases in the average prices for all property types. The coming 12 months are expected to bring stabilisation and potential opportunities for buyers seeking more affordable housing options. Staying informed about economic developments and market conditions will be essential for those interested in the Wrexham property market.
Mortgage Broker Wrexham
Information obtained from the UK Land Registry - https://landregistry.data.gov.uk/app/ukhpi