The property markets in Denbighshire, Wrexham, Chester, and Flintshire have witnessed significant changes over the last 4 years. With talk of property price decrease, we look to analyse the trends in property prices year-on-year for each of these areas, using data from August of each year from 2019 to 2023. We'll explore the sales volume and average prices for various property types and offer insights into the evolving real estate landscapes in these regions.
Denbighshire:
August 2019 to August 2023
Sales Volume: Denbighshire's property market started with 142 sales in August 2019. By August 2023, the sales volume had decreased marginally to 131.
Average Prices:
All Property Types: In August 2019, the average price was £156,066, which rose to £204,374 by August 2022, indicating a significant increase. However, by August 2023, the average price had decreased to £199,941.
Detached Houses: The average price for detached houses followed a similar trend, with a notable increase from £196,372 in August 2019 to £258,661 in August 2022, before decreasing to £253,420 in August 2023.
Semi-detached Houses: The average price of semi-detached houses showed a similar pattern, with an increase from £139,687 in August 2019 to £183,489 in August 2022, followed by a decrease to £179,681 in August 2023.
Terraced Houses: Terraced houses had a consistent increase in average prices over the period, reaching £145,898 in August 2022 but decreased to £141,716 in August 2023.
Flats and Maisonettes: The average price for flats and maisonettes also showed an increase up to August 2022 (£99,825), followed by a decrease to £96,496 in August 2023.
Wrexham:
August 2019 to August 2023
Sales Volume: Wrexham's property market recorded 173 sales in August 2019, decreasing to 139 sales by August 2023.
Average Prices:
All Property Types: Average prices started at £160,923 in August 2019 and increased to £206,644 by August 2022. However, by August 2023, the average price had decreased to £195,595.
Detached Houses: The average price for detached houses followed a similar trend, increasing from £232,627 in August 2019 to £301,298 in August 2022. By August 2023, the average price had decreased to £287,417.
Semi-detached Houses: Semi-detached houses experienced an increase from £145,795 in August 2019 to £187,962 in August 2022, with a decrease to £177,616 in August 2023.
Terraced Houses: Average prices for terraced houses increased from £122,169 in August 2019 to £156,899 in August 2022 but decreased to £147,365 in August 2023.
Flats and Maisonettes: The average price for flats and maisonettes increased from £87,332 in August 2019 to £103,819 in August 2022, followed by a decrease to £97,538 in August 2023.
Chester:
August 2019 to August 2023
Sales Volume: Chester's property market recorded 560 sales in August 2019, decreasing to 463 sales by August 2023.
Average Prices:
All Property Types: Average prices started at £207,033 in August 2019 and increased to £261,079 by August 2022. By August 2023, the average price had further increased to £264,203.
Detached Houses: The average price for detached houses followed a similar trend, increasing from £323,357 in August 2019 to £414,371 in August 2022 and then increasing to £423,139 in August 2023.
Semi-detached Houses: Semi-detached houses experienced an increase from £196,722 in August 2019 to £249,822 in August 2022, followed by an increase to £253,098 in August 2023.
Terraced Houses: Average prices for terraced houses increased from £157,045 in August 2019 to £198,408 in August 2022, followed by an increase to £198,782 in August 2023.
Flats and Maisonettes: The average price for flats and maisonettes increased from £119,506 in August 2019 to £136,392 in August 2022 and increased further to £136,653 in August 2023.
Flintshire:
August 2019 to August 2023
Sales Volume: Flintshire's property market recorded 225 sales in August 2019, decreasing to 205 sales by August 2023.
Average Prices:
All Property Types: Average prices started at £173,411 in August 2019 and increased to £210,430 by August 2022. By August 2023, the average price had further increased to £217,931.
Detached Houses: The average price for detached houses followed a similar trend, increasing from £241,914 in August 2019 to £295,624 in August 2022 and increasing further to £308,407 in August 2023.
Semi-detached Houses: Semi-detached houses experienced an increase from £149,391 in August 2019 to £181,352 in August 2022, followed by an increase to £187,508 in August 2023.
Terraced Houses: Average prices for terraced houses increased from £122,856 in August 2019 to £148,785 in August 2022 and increased further to £152,334 in August 2023.
Flats and Maisonettes: The average price for flats and maisonettes increased from £90,802 in August 2019 to £99,054 in August 2022 and increased further to £101,577 in August 2023.
Conclusion:
These data points illustrate the changing trends in property prices and sales volumes in Denbighshire, Wrexham, Chester, and Flintshire over the years. While some areas have seen consistent growth, others have experienced fluctuations in their property markets. Future trends will likely depend on various factors, including economic conditions and market forces.
While media reports on a looming threat of a property market crash, we can see the markets would have to fall some way before we would experience a decrease in property prices based on those of 2019. Potential buyers and sellers should stay informed about these local property market dynamics to make well-informed decisions in the future.
Chester Mortgage Broker
Information obtained from the UK Land Registry - https://landregistry.data.gov.uk/app/ukhpi